Real Estate Market Report
Glendale, CA May , 2009
Market Index
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 made the biggest jump in the past 12 months to 0.50, up 14 points.
New Listings -86 new listings this month, compared to 85 last month, versus 103 a year ago.
New Pending Listings - 66 listings entered escrow, compared to 58 last month, and 47 in 2008.
Pending Ratio -0.77, up 9 points from 0.68, last month 0.72, and a year ago it was 0.46.
Listing Inventory - 259 listings, down slightly from 285 last month. In 2008 we had 402 listings.
Sold Listings - 63 homes sold, compared to 45 last month and 86 last year.
Absorption Rate -4.1 months, down from 6.3 months last month. A year ago it was 4.7 months.
Average Sale Price - $481,625, down from last month's $507,316 down 16.2% from last year.
Price Per Square Foot - $326.75, down from $327.90 last month, and down only 8.8% compared to last year.
Conclusions
The Absorption Rate (if home sales continued at the present rate the number of months it would take to consume the current listing inventory) continues to drop. 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.
For sellers - preparing your home for sale is the key to getting the best price.
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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
East San Fernando Valley, CA May, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
Market Index - 0.62, down one point.
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 0.62 from 0.63, last year it was at .22.
New Listings - 181 new homes came on the market, compared to 166 listings last month, versus 222 last year.
Pending Listings - 200 opened escrow,versus 208 last month, compared to 153 last year. Homes are selling.
Pending Ratio -1.10, down from 1.25 last month but up from last year's 0.69.
Listing Inventory - 560 properties are on the market, down from 614 properties last month, compared to 1,223 last year. Inventory continues to decline.
Absorption Rate - 3.8 months. Up from 3.6 last month, but down from 10.6 a year ago.
Sold Listings -149 homes sold, versus 176 last month, compared to 115 last year.
Days On Market - 127 to wait for an accepted offer, up from last months 105 and last years 66. Absorption rate is 3.8 months consistent with last years 10.6.
Average sale price - $332,401, up from last month's $328,266 down $74.827 or 18.4% from last year... the prices are starting to climb back up.
Price per square foot - $228.30, down slightly from last month's $233.81 but only down 1.9% from last year.
Conclusions
The Absorption Rate (if home sales continued at the present rate, the number of months it would take to consume the current listing inventory) continues to drop. 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 March.
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.
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change
Real Estate Market Report
Burbank, CA May, 2009
Market Index - 64, 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 made the second highest one month gain in the last two years, jumping 14 points to 0.64.
New Listings -55 new listings, compared to 65 last month and 74 in 2008.
Pending Listings - 70 listings opened escrow, compared to 63 last month and 52 last year.
Pending Ratio - 1.27, the highest pending ratio of the year! Last year's was 0.70.
Listing Inventory - 189 homes on the market at the end of the month, compared to 234 last month , is the lowest inventory in two years. We had 300 listings in 2008.
Sold Listings - 51 listings sold during the month, compared to 73 last month and 41 in 2008.
Absorption Rate - 3.7 months, down from 4.4 months last month. The lowest was 3.6 in October of 2008.
Average Sales Price - $497,260, up from last month's $478,402, however down 4.9% from last year, .
Price per square foot - $327.360.99, down from last month's $360.99, and down 12.5% from last year.
Conclusions
The Absorption Rate (if home sales continued at the present rate, the number of months it would take to consume the current listing inventory) continues to drop. 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 March.
For buyers - many are frustrated at the lack of inventory - this may be the bottom of the market.
For sellers - preparing your home for sale is the key to getting the best price. The lack of qualify inventory is in your favor and some strategic improvements and maintenance might make the difference between maximizing your profit or not.
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 March, 2009
Market Index
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 moved up one point to 0.27 from 0.26.
New Listings - 30 new listings hit the market, compared to 44 last month. We had 60 new listings last year.
Pending Listings - 29 opened escrow versus 31 listings last month. Last year we had 15 listings change to Pending status.
Pending Ratio -0.97, a nice jump from 0.70 last month. Last year the ratio was 0.28.
Listing Inventory - 183 properties on the market, even with last month, compared to 174 last year.
Units Sold - 21 homes closed, up from last month's 16 homes, versus 14 last year.
Days On Market - 80, versus 105 last year.
Average Sale Price - $330,595, down from last month's $383,229, and a 33.7% drop from last year.
Price Per Square Foot -$262.17, up from last month's $226.76, versus $313.90 last year.
Summary - Inventory is steady, pending sales are UP, and sales are UP. Interest rates are falling, so I would say this market is finally beginning to show signs of a turnaround.
If you are thinking of selling call me so we can help you get the most for your home when you list it with me. If you are going to take advantage of the Stimulus bill and try to get you share of the $8,000 federal tax credit, maybe even the $10,000 for buying a new home, let's talk.
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change
Real Estate Market Report
La Crescenta, CA March, 2009
Market Index
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 spiked to a 0.49 from last months drop to 0.25 - the closest was 0.46in March of 2006. A year ago it was 0.18.
New Listings - 31 new listings, up from 25 last month. Last year there were 51.
Pending Listings - 24 listings entered escrow compared to 16 last month, and 9 last year.
Peding Ratio - 0.77, up from last month's 0.60. Last year the ratio was 0.18.
Listing Inventory -93 properties, even with last month. Last year we had 152 listings on the market.
Sold Listings - 22 listings sold, versus 19 listings last month, compared to 18 the year before.
Days On Market - 93, compared to 53 last month and 85 last year.
Average Sales Price - $607,763 down from last months $622,738, and about even with last year's $600,34 2. The average sales price has remained pretty even for almost an entire year. Note that the average SIZE of home sold has shifted from 1,593 square feet to 1,756.
Price per square foot -$346.11, down from last month's $356.93, and down 8.2% compared to last year.
ConclusionsFewer new listings, lower listing inventory, how much lower will prices go before that start heading back up? Take advantage of the $8,000 federal tax credit. If you buy a home, maybe another $10,000 if you buy a new home.
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Data from Itech and SRAR MLS has not been verified, is ot 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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