Keith Sorem

Burbank, 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 re-bounded from 0.24 points. to 0.30, the highest it has been since December.

New Listings - 85 new listings, compared to 54 last month and 69 in 2008.

Pending Listings - 20 listings opened escrow, compared to 24 last month and 47 last year.

Pending Ratio -0.24, a big drop from last month's 0.78, and compared to last year's 0.68.

Listing Inventory - 263 homes on the market at the end of the month, compared to 290 last month, versus 324 in 2008.

Sold Listings - 58 listings sold during the month, compared to 29 last month and 44 in 2008.

Days On Market 65, versus 69 in 2008.

Average Sales Price - $496,044, which is down 5.2% from last year, up from the drop last month of 18.2% lower than last year.

Price per square foot $322.74, almost even with last month's $323.94, down 13.7% from last year.

Conclusion

Everyone wants their own piece of pork from the Stimulus Bill. You are in luck. Buy a home (not having owned one in the last three years) and you can get an $8,000 tax credit. Buy a NEW HOME and get another $10,000 from the state of California. My advice - interest rates are low, buy now.

For sellers, if you need to sell for top dollar, then call me for a Highest Value Property Audit to see how we can help you get the most out your home when you sell.

Data is from SRAR and has not been verified, is not guaranteed, and subject to change

East San Fernando Valley, CA February, 2009

North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.

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 edged up one point to 0.35 fourth monthly increase in a row.

New Listings - 184 new homes came on the market, compared to 192 listings last month, versus 177 last year.

Pending Listings - 156 opened escrow, versus 108 last month, compared to only 261 last year.

Pending Ratio - 0.82, slightly higher than last month's 0.81, up from last year's 0.47.

Listing Inventory - 761 properties are on the market, down from 815 properties last month, compared to 1,228 last year.

Sold Listings - 112 homes sold, versus 120 last month, compared to 55 last year.

Days On Market - 63 to wait for an accepted offer, compared to 58 last year.

Sales prices - $322,207 down from last month's $339,381, down $103,901 or 24.4% from last year... the lowest price in years.

Price per square foot - $234.53, down slightly from last month's $236.67, down 23.9% from last year.

Market activity is still climbing due to the continued decline in prices. Buyers are taking advantage of the $8,000 federal tax credit by buying now when interest rates are at historically low levels.

Data is from SRAR and has not been verified, is not guaranteed, and subject to change

La Crescenta, CA February 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 finally gave in to the market pressure and dropped to 0.25. A year ago it was 0.14.

New Listings - 25 new listings, down from 36 last month. Last year there were 41.

Pending Listings - 16 listings entered compared to 11 last month, and 13 last year.

Pending Ratio - 0.60, up from last month's 0.44. Last year the ratio was 0.22.

Listing Inventory -93 properties, down from 102 last month. Last year we had 130 listings on the market.

Sold Listings - 8 listings sold, versus 16 listings last month, compared to 9 the year before.

Days On Market - 53, compared to 81 last year.

Average Sales Price - $622,738, up from $537,882 last month. The average living area jumped also, larger homes are more expensive.

Price per square foot -$356.93, up slightly from last month's $348.37, and an increase of 9.7% compared to last year.

Conclusions

Fewer new listings, listings are entering escrow, fewer listings in inventory, fewer listings selling, prices going up. This may be the time that people look back upon and say "Wow, I wish that I had purchased a home." Will you be one of them?

Take advantage of the $8,000 federal tax credit if you buy a home, maybe another $10,000 if you buy a new home.

Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change

La Canada Flintridge, CA February, 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 returned to a level equal to March of 2008, 0.12.

New Listings - 35, up 10 from last month's 25. Last year we had 27.

Pending Listings - 6 listings opened escrow, compared to 7 last month. Last year 7 properties entered escrow.

Pending Ratio - Dropped to 0.17, down from 0.28. A year ago it was 0.15.

Listing Inventory - 114 properties, up from 84 homes and 80 last year.

Sold Listings - 8 homes sold, down from 10 last month. Last year 10 homes sold.

Days On Market- 53, down from 94 days last month and almost half of the 102 days last year.

Average Sales Price - $1,551,063, up from $1,457,500 last month. One challenge with a small number of sales is that it only takes a few homes to make a difference.

Price per square foot - $506.39, down from last month's $545.96, which is down 2.1% from last year.

If you are thinking of buying in La Canada Flintridge, wow, what an awesome time. For sellers to be able to attract buyers homes will have to be priced right.

If you are a seller, you need to project as much value as you can, otherwise the alternative is going to be for you to sell and leave money on the table. Buyers know that they have the upper hand. Sellers had the advantage for a couple of years, and like any market, now roles are reversed.

Data is from the Itech MLS and has not been verified, is not guaranteed, and is subject to change.

West San Gabriel Valley February 2009

Pasadena, Altadena, South Pasadena, and San Marino

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 continued to drop to 0.20 from 0.22, compared to 0.15 last year.

New Listings - 204 new listings, even with last month's 199. Last year there were 256.

Pending Listings - 88 listings opened escrow, compared to 77 last month, versus 67 last year.

Pending Ratio - 0.43, up from 0.39 last month, up from last year's 0.26 pending ratio.

Listing Inventory - 797 listings on the market, up slightly from 770 last month. Last year we had 859.

Sold Listings -75 properties sold, down from 93 last month. Last year 65 homes sold.

Average Sales Price - $558,620, down slightly from $561,454 last month, down 26.3%, versus down 37% year-on-year last month.

Days On Market - 120, compared to 127 last month and 79 last year.

Price Per Square Foot -$353.78, down slightly from $357,396, down 20.1% from a year ago. The average living area of sold homes was about 1,712 square feet last year, this year only 1,579 square feet. More smaller-sized homes are selling compared to last year.

Sales are strong due to the lower prices and interest rates. The new stimulus package allows for a more generous tax credit of $8,000 which does not need to be repaid if you live in the property three years, $10,000 additional if you buy new construction.

Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.