Real Estate Market Index Report La Crescenta CA February 2010

Real Estate Market Report        

La Crescenta/Montrose/Glendale Annex           February, 2010

At A Glance

What a difference a month makes.  The Market Index dropped to 0.53, back to March-April levels primarily due to more inventory and fewer sales.  Considering the past few months this is a great time for buyers to get a good deal.  At least now sellers have competition and cannot afford to overprice if they want top dollar.  Note that you need to open escrow by April 30th to take advantage of the $8,000 Federal Tax Credit, and close by June 30^th. 

Market Activity Index - 0.53, a decline of 0.22 points

The Market Index a year ago was 0.25.   

New Listings - 24 new listings, up from 20 last month.  Last year there were 25.  Of the 24, two were short sales and three were bank-owned.

Pending Listings - 17 listings entered escrow compared to 19 last month, and 16 last year.

Pending Ratio -0.71, down from 0.95 points last month.  Last year the ratio was 0.64.

Listing Inventory - 72 properties, up 7 from last month's 60.  Last year we had 102 listings on the market. 

Sold Listings - 21 listings sold, down from the 26 listings last month, and well above 8 the year before.

Months of Inventory - 3.4 months up from 2.3 last month. Last year was 11.6

Average Sales Price - $554,448, down from last month's $646.881 and down from last year's $619,625 a 10.5% increase, due mainly to smaller homes being sold, 1,736 square feet (SF) versus 1,575 SF this year. 

Price per square foot -$352.03, down from last month's $353.87, and up from last year's $356.93 for an decrease of -1.4%.

Recommendations

For buyers - A great time to make conservative offers.   To take advantage of the First Time Home Buyer Federal Tax Credit you must open escrow by April 30^th. 

For sellers - Now you've got competition.  How do you make certain that you do not leave any money on the table when you sell?  Maximize your profit by taking advantage of our Highest Price Analysis.  Call today for your no-obligation appointment and learn how to make the most when you sell.

Keith Sorem

Glendale CA Realtor® of the Year 2009

DRE# 01374635

Data from i-Tech  MLS has not been verified, is not guaranteed, and is subject to change