Real Estate Market Report
East San Fernando Valley, CA July, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
Market Index - 0.70
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The market index is at 0.70, down 3 points from last month's 0.73, last year it was at 0.21.
New Listings - 168 new homes came on the market, compared to 171 listings last month, versus 289 last year.
Pending Listings - 190 opened escrow, versus 210 last month, compared to 136 last year.
Pending Ratio -1.13, up down 1.23 last month but up from last year's 0.47.
Listing Inventory - 517 properties are on the market, down from 530 properties last month, compared to 1,220l ast year. Inventory continues to decline.
Absorption Rate - 3.0 months. Same as last month, way down from 9.6 months one year ago.
Sold Listings -170 homes sold, versus 177 last month, compared to 126 last year.
Days On Market - 50 days to wait for an accepted offer, down from last months 127 and equal to last years 50.
Average sale price - $319,908 down from last month's $326,333, down 23.5% from last year. Even as inventories reach record low levels, prices continue to decline but are beginning to stabilize.
Price per square foot - $225.76, down slightly
from last month's $226.27, down 19.8% from last year.
Conclusions
Although the market activity is still increasing, sales are increasing, so inventory continues to decline. An Absorption Rate of six months is considered a balanced market, and we are down to a three month supply of listings, which should result in prices going back up.
For buyers - this may be the bottom of the market.
For sellers - preparing your home for sale is the key to getting the best price. Ask for our Property Value Audit to learn how to maximize your profit when you sell.
Keith Sorem Realtor DRE #01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
Real Estate Market Report
Northeast Los Angeles July, 2009
Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington
Market Index - 0.64 - up 8 points!
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index went up to 0.64, versus 0.56 last month. Last year is was 0.21. This is the seventh month in a row of increases.
New Listings - 57 properties hit the market, up from 49 last month, versus 60 last year.
Pending Listings - 49 listings opened escrow, equal to 49 for each of the last two months, up from 21 in July of 2008.
Pending Ratio - 1.67, way up from 1.00 last month, versus 0.35 last year.
Listing Inventory -174 listings on the market, down from 157 last month, last year was 262. Inventory continues to be low.
Units Sold -62 properties sold, up from last month's 39. Last year 25 homes sold.
Days On Market - 84 versus 137 last month and 72 last year.
Absorption rate - 2.8 months, last month was 4.0 and last year it was 7.3 months. A six-month supply is considered a balanced market.
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Price Per Square Foot - $279.88, down from last month's $293.95, and down 18.2% from last year.
Conclusions
For buyers - this may be the bottom of the market.
Given the economy it is possible we will remain at the bottom for a while and that prices may continue to fall.
For sellers - preparing your home for sale is the key to getting the best price. Appraisals problems are beginning to have a negative impact on sales prices and may help push prices down further.
Keith Sorem Realtor DRE #01374635
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change. |
Real Estate Market Report
Sunland - Tujunga - Shadow Hills July, 2009
Market Index - DOWN 10 points to 0.46
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index jumped up to 0.46 from last months 0.56. Last year it was 0.29.
New Listings - 48 new listings hit the market, compared to 23 last month. We had 58 new listings last year.
Pending Listings - 32 opened escrow equal to last months 32. Last year we had 25 listings change to Pending status.
Pending Ratio -0.67, way down from 1.39 last month, last year the ratio was 0.45.
Listing Inventory - 147 properties on the
market, up from last month's 120, compared to 196 last year. There are fewer properties available for sale than last year.
Units Sold - 35 homes closed, equal to last month's 35 homes, versus 27 last year.
The Absorption rate is 4.2, last month it was 3.2. Last year the rate was 7.3 months.
Average Sale Price -$377,346 down from last month's $391,952, and an 8.3% drop from last year.
Price Per Square Foot -$263.33, up from last month's $253.20, down 5.5% to last year.
Conclusions
The Market Index has decreased for the first time in six months. As inventory continues to shrink, even in this chaotic economy, something is going to give.
For buyers - If you are buying for the long term this is a great time to buy. Interest rates are low so do not wait.
For sellers - preparing your home for sale is the key to getting the best price. Although inventory levels are at historic lows, appraisals are causing problems. Ask about our Highest Property Value Analysis so you can maximize your sale price.
Keith Sorem Realtor DRE#01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
Real Estate Market Report
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Market Activity Index - 0.85 UP 15 points.
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index jumped 0.85 from last months 0.70 - A year ago it was 0.41.
New Listings - 25 new listings, up from 29 last month. Last year there were 34.
Pending Listings - 23 listings entered escrow compared to 25 last month, and 15 last year.
Pending Ratio - 0.92, UP from last month's 0.86. Last year the ratio was 0.74.
Listing Inventory -74 properties, up from last months 72. Last year we had 102 listings on the market. Active listings continue to decline.
Sold Listings - 40 listings sold, up from 28 listings last month, and 27 the year before.
Absorption Rate is 1.9 months compared to 2.7 last month and 3.8 months last year. Note: a balanced market is considered to be a six month supply of listings.
Average Sales Price - $557,975, up from last months $565,610 and down from last year's $678,589 or a 19.0% drop.
Price per square foot -$335.18, down from last month's $320.82, and down 5.6 % compared to last year's $355.10.
Conclusions
The Market Index continues to remain high. Unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to show signs of stabilizing. Values appear to be bottoming out.
For buyers - this may be the bottom of the market
Interest rates are still low.
For sellers - preparing your home for sale is the key to getting the best price. Beware of appraisal issues, plan ahead.
Keith Sorem DRE #01374635
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change. |
Real Estate Market Report
La Canada Flintridge, CA July, 2009
Market Index 0.43, up 11 points!
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index is at 0.43 up .11 from last month's 0.32 and last year's 0.23.
New Listings - 21, up from 17 last month and last year's 26.
Pending Listings - 15 listings opened escrow, equal to 15 last month. Last year 8 properties sold.
Pending Ratio - At 0.71, down from 0.88 last month. A year ago it was 0.48.
Listing Inventory - 94 properties, down from 111 homes last month and down from 106 last year.
Sold Listings - 25 homes sold, up from 20 last month. Last year 27 homes sold.
Absorption Rate - 3.8 months down from last month's rate of 5.6 months. In 2008 it was 6.2 months.
Average Sales Price - $1,514,720 up from last months $1,430,475- and down from 5.86% last year.
Price per square foot - $441.48, down from last month's $499.47 and down 24.4% to last year.
Conclusions
The Market Index continues to climb. Unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to show signs of stabilizing.
For buyers - if you have been waiting on the sidelines, now might be the time to jump in the game.
For sellers - properly preparing your home for sale is the key to getting the best price. Ask for our Highest Property Value Audit to find out how to maximize your profit (or minimize your loss) when you well.
Keith Sorem Realtor DRE #01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change
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When you see me don't think of real estate, but when you have a real estate question, see me. Areas: Burbank, Glendale, La Crescenta, Montrose, La Canada, Pasadena, and the Foothills Focus: residen
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