Real Estate Market Report
Glendale, CA July , 2009
Market Index- 0.57
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 dropped 3 points from last month and is at to 0.60.
New Listings - 74 new listings this month, compared to 56 last month and 80 a year ago.
New Pending Listings - 57 listings entered escrow, compared to 66 last month, and 38 in 2008.
Pending Ratio -0.77, down from 1.02, last month. A year ago it was 0.48.
Listing Inventory - 212 listings, up from 199 last month. In 2008 we had 351 listings.
Sold Listings - 63 homes sold, equal to 63 last month and 57 last year.
Absorption Rate -3.4 months, up slightly from 3.2 months last month. A year ago it was 5.4 months.
Average Sale Price - $538,348 down from last month's $610,729 and down 18.1% from last year.
Price Per Square Foot - $320.83, down from $329.41 last month, and down 8.8% compared to last year.
Conclusions
The Market Index continues climb, unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to show signs of stabilizing.
The price per square foot has been increasing since February.
For buyers - this may be the bottom of the market.
Multiple offers and appraisal issues are becoming more common.
For sellers - preparing your home for sale is the key to getting the best price. Ask for our Highest Price Home 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
Burbank, CA July, 2009
Market Index -0.94, highest in TWO YEARS!
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 0.94, jumping 10 points from last month's 0.84.
New Listings - 66 new listings, compared to 42 last month and 64 in 2008.
Pending Listings - 69 listings opened escrow, compared to 62 last month and 47 last year.
Pending Ratio - 1.05, compared to last months high of 1.48. Last year's was .64.
Listing Inventory - 153 homes on the market, compared to 159 last month, is the lowest in two years. Last year - 263 listings.
Sold Listings - 75 listings sold during the month, compared to 71 last month and 70 in 2008.
Absorption Rate - 2.0 months, down from 2.2 months last month. Last year it was 3.8
Average Sales Price - $511,484 UP from last month's $484,573 and UP 2.05 % from last year's $501.191. Very consistent for the last five months.
Price per square foot - $325.99, down from last month's $343.91, and down 5.8 % from last year.
Conclusions
The Market Index continues to climb, sales are strong, so demand is outpacing inventory. Prices are showing signs of stabilizing.
For buyers - Listing inventory is only a two month supply, which means that despite the economy prices will start rising.
For sellers - The lack of quality inventory is in your favor. To maximize value properly prepare your property for sale. We can help. Ask for our Highest Price Analysis.
Keith Sorem Realtor DRE #01374635
Data from i-Tech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
Real Estate Market Report
Sunland - Tujunga - Shadow Hills June, 2009
Market Index - Up 10 points to 0.56
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 0.56 from last months 0.46. Last year it was 0.21.
New Listings - 23 new listings hit the market, compared to 43 last month. We had 57 new listings last year.
Pending Listings - 32 opened escrow up from last months 41. Last year we had 24 listings change to Pending status.
Pending Ratio -1.39, up from 0.95 last month, last year the ratio was 0.29!
Listing Inventory - 120 properties on the
market, up from last months 157, compared to 202 last year. There are fewer properties available for sale than last year.
Units Sold - 35 homes closed, up from last month's 31 homes, versus 23 last year.
The Absorption rate is 3.2, last month it was 5.1. Last year the rate was 8.8 months.
Average Sale Price -$391,952 up from last month's $361,829, and an 18.2% drop from last year.
Price Per Square Foot -$253.20, down from last month's $218.50, down 10.5% to last year.
Conclusions
The Market Index has increased for the fifth straight month in a row. 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 don't 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.
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
West San Gabriel Valley June, 2009
Pasadena, Altadena, South Pasadena, and San Marino
Market Index - .0.49, up 4 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.
This is the 4th consecutive monthly increase. Last year the index was 0.28.
New Listings - 177 new listings, down from last month's 204. Last year there were 234.
Pending Listings - 112 listings opened escrow, compared to 151 last month, versus 107 last year.
Pending Ratio - 0.63, down from 0.74 last month, up from last year's 0.46 pending ratio.
Listing Inventory - 616 active listings, down from 694 last month. Last year we had 887.
Sold Listings -167 properties sold, up from 162 last month. Last year 137 homes sold.
Average Sales Price - $818,699, UP from $746.567 last month, down 15.6% compared to last year.
Absorption Rate - 3.7 months, versus 4.3 last month, compared to 6.5 months last year.
Price Per Square Foot - $419.63, up from last month's $400.30, down 9.4% from a year ago.
Conclusions
The Market Index has increased for the 4th month in a row. As inventory continues to shrink, even in this chaotic economy, something is going to give. For those wondering where the bottom of the market is, look around. We may be here for a while.
For buyers - If you are buying for the long term this is a great time to buy. Interest rates are low so don't 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.
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change. |
Keith Sorem Realtor DRE #01374635
Real Estate Market Report
Northeast Los Angeles June, 2009
Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington
Market Index - 0.56 - 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 went up to 0.56, versus 0.45 last month. Last year is was 0.17. This is the six month in a row of increases.
New Listings - 49 properties hit the market, about even with 50 last month, versus 52 last year.
Pending Listings - 49 listings opened escrow, equal to 49 last month, up from 23 in June of 2008.
Pending Ratio - 1.00, about even from 0.98 last month, versus 0.37 last year.
Listing Inventory -157 listings on the market, down from 196 last month, last year was 278. Inventory increased slightly.
Units Sold -39 properties sold, equal to last month's 39. Last year 28 homes sold.
Days On Market - 137 versus 130 last year.
Absorption rate - 4.0 months, last year it was 8.5 months. A six-month supply is considered a balanced market.
Average Sale Price -$393,600 down from last month's $425.285, and down from last year by 18.2%.
Price Per Square Foot - $293.95, down from last month's $306.40, and down 17.8% 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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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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