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, upfrom 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
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.
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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 0.98last 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.
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
Market Index - 0.73, 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 0.73, up 11 points from last month's 0.62, last year it was at 0.22.
New Listings - 171 new homes came on the market, compared to 181 listings last month, versus 265 last year.
Pending Listings - 210 opened escrow, versus 200 last month, compared to 123 last year.
Pending Ratio -1.23, up from 1.10last month but up from last year's 0.49.
Listing Inventory - 530 properties are on the market, down from 560 properties last month, compared to 1,167 last year. Inventory continues to decline.
Absorption Rate - 3.0 months. Down from 3.8 last month, but down from 9.5 a year ago.
Sold Listings -177 homes sold, versus 149 last month, compared to 123 last year.
Days On Market - 127 to wait for an accepted offer, up from last months 105 and last years 66.
Average sale price - $$326,333, down from last month's $332,201 down $12.9% from last year. Even as inventories reach record low levels, prices continue to decline-but at a lower rate of decline.
Price per square foot - $226.27, down slightly from last month's $228.30, down 13.2% from last year.
Conclusions
Although the market activity is still increasing, sales are increasing, inventory continues to decline. An Absorption Rate of six months is considered a balance market, and we are down to a three month supply of listings, which should result in prices going back up. You can see from the from the Average Sale Price that values appear to be leveling off.
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.
Keith Sorem, Realtor DRE#01374635
Data is from SRAR and has not been verified, is not guaranteed and is subject to change
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 to 0.70 from last months 0.75 - A year ago it was 0.44.
New Listings - 29 new listings, up from 21 last month. Last year there were 33.
Pending Listings - 25 listings entered escrow compared to 32 last month, and 24 last year.
Pending Ratio - 0.86, down from last month's 1.52. Last year the ratio was 0.73.
Listing Inventory -76 properties, down fromlast months 80. Last year we had 116 listings on the market. Active listings continue to decline.
Sold Listings - 28 listings sold, equal to 28 listings last month, and 27 the year before.
Days On Market - 89 again equal to 89 last month and 79 last year.
Absorption Rate is 2.7 months compared to 2.9 last month and 4.3 months last year. Note: a balanced market is considered to be a six month supply of listings.
Average Sales Price - $565,610 up from last months $543,179 and down from last year's $604,429 or a 6.4% drop.
Price per square foot -$320.82, down from last month's $333.85, and down 12.8 % compared to last year's $367.88.
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.
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 0.32 up .10 from last month's 0.22 and last year's 0.22.
New Listings - 17, down from 39 last monthand last year's 29.
Pending Listings - 15 listings opened escrow, compared to 10 last month. Last year 10 properties sold.
Pending Ratio - Big increase to 0.88, from 0.26 last month. A year ago it was 0.34.
Listing Inventory - 111 properties, down from 134 homes last month and up from 104 last year.
Sold Listings - 20 homes sold, equal to the 20 last month. Last year 13 homes sold.
Absorption Rate - 5.6 months down from last month's rate of 6.7 months. In 2008 it was 7.9 months.
Average Sales Price - $1,430,475 up from last months $1,405,800- and UP from 18.6% last year. The challenge with a small number of sales is that it only takes a few homes to make a difference and may not be indicative of the whole market.
Price per square foot - $499.47, up from last month's $457.17 and down 5.5% 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 - this may be the bottom of the market. Waiting for a "better time to buy" might mean a long time. The only real problem is financing. Talk of more workable loans for over the $729K limit is in the air, but no definite news as of today.
For sellers - preparing your home for sale is the key to getting the best price. Appraisal issues are having an effect on prices, stay tuned for more details following the procedures that took effect in May.
Keith Sorem Realtor DRE#01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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 0.84 - the highest one month gain in the last two years, jumping 20 points from last month's 0.64.
New Listings -42 new listings, compared to 55 last month and 66 in 2008.
Pending Listings - 62 listings opened escrow, compared to 63 last month and 58 last year.
Pending Ratio - 1.48, the highest pending ratio of the year! Last year's was 0.88.
Listing Inventory - 159 homes on the market, compared to 189 last month, is the lowest in two years. Last year - 276 listings .
Sold Listings - 71 listings sold during the month, compared to 51 last month and 63 in 2008.
Absorption Rate - 2.2 months, down from 3.7 months last month. Last year it was 7.3.
Average Sales Price - $484,573 down from last month's $497,260, and down 17.4% from last year or $102,039 .
Price per square foot - $343.91, up from last month's $327.36, and down 7.3 % from last year.
Conclusions
The Market Index continues to climb, sales are strong, so demand is outpacing inventory. Prices are showing signs of stabilizing.The price per square foot has been increasing since January.
For buyers - many are frustrated at the lack of inventory - this may be the bottom of the market so those trying to time the market should pay close attention.
For sellers - The lack of quality inventory is in your favor. To maximize value properly prepare your home for sale. 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 tochange
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 continues to increase and is at to 0.60, up another 10 points.
New Listings - 56 new listings this month, compared to 86 last month and 86 a year ago.
New Pending Listings - 57 listings entered escrow, compared to 66 last month, and 45 in 2008.
Pending Ratio -1.02, up 25 points from 0.77, last month. A year ago it was 0.52.
Listing Inventory - 199 listings, down from 259 last month. In 2008 we had 374 listings.
Sold Listings - 63 homes sold, equal to 63 last month and 62 last year.
Absorption Rate -3.2 months, down from 4.1 months last month. A year ago it was 4.7months.
Average Sale Price - $610,729 way up from last month's $481,625 but still down 8.1% from last year.
Price Per Square Foot - $329.41, upfrom $326.75 last month, and down 9.1% 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. Timing the market it not going to happen. Unless something really strange happens you've missed it.
For sellers - preparing your home for sale is the key to getting the best price. Proper preparation, cleaning, staging, decluttering, all make an impact on the final sale price for your home. Ask for our Highest Price Home Audit.
Pasadena, Altadena, South Pasadena, and San Marino
Market Index - 0.45, up 10 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 increased to 0.45 from 0.35, mirroring the shift in last two months. Last year the index was 0.26. Spring market has taken off!
New Listings - 204 new listings, slightly above last month's 196. Last year there were 215.
Pending Listings - 151 listings opened escrow, compared to 119 last month, versus 107 last year.
Pending Ratio - 0.74, up from 0.61 last month, up from last year's 0.50 pending ratio.
Listing Inventory - 694 listings on the m arket, down from 740 last month. Last year we had 892.
Sold Listings -162 properties sold, up from 138 last month. Last year 123 homes sold.
Absorption Rate - 4.3 months, versus 5.4 last month, compared to 7.3 last year.
Average Sales Price - $746,567, UP from $649,725 last month, down 14.3% compared to last year.
Price Per Square Foot - $400.30, up from last month's $379.14, down 9.2% from a year ago.
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 rise. Both Average Sales Price AND 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.
Contact me today for a no-obligation analysis of your situation at 1-888-284-2056.
Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington
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 went up to 0.45, versus 0.35 last month. Last year is was 0.14. This is 5 months in a row of increases.
New Listings - 50 properties hit the market, UP from 12 last month and 61 last year.
Pending Listings - 49 listings opened escrow, up from 30 last month versus 25 in April of 2008.
Pending Ratio - 0.98, way up from 0.45last month, versus 0.38 last year.
Listing Inventory -196 listings on the market, down from 226 last month, last year was 297.
Units Sold -39 properties sold, up from last month's 48. Last year 16 homes sold.
Days On Market - 137 versus 167 last year.
Absorption rate - 5.0 months, last year it was 18.6 months!
Average Sale Price -$425,285, UP from last month's $384,463, and down only from last year by 9.3%.
Price Per Square Foot - $306.40, up from last month's $262.97, and down 1.2% from last year.
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. Don't believe what the media is selling. Both price per square foot and average price have been increasing since March.
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.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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