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

Real Estate Market Report

La Cañada Flintridge, CA                                      February, 2010

At A Glance

La Cañada Flintridge continues to have the lowest Market Activity Index of the areas I monitor.  Important points this month:  A big increase in new pending listings and a drop in the Months of Inventory from 8.9 to 6.9 months.  Interest rates are forecast to increase by as much as a half point so now would be a great time to lock your rate.

Market Activity Index 0.29, up 12 points. The Market Index is back to the same level as May-June levels - talk about back to the old days.  Last year it was 0.12 - so even with this 12 point jump, still the lowest in the area.

New Listings - 22, up from 24 last month and up from last year's 35.  You might be interested to know that three new listings are short sales, two are REOs. 

Pending Listings - 11 listings opened escrow, up from 4 last month.  Last year 6 properties entered escrow. 

Pending Ratio - At 0.50, up slightly from 0.52 last month.   A year ago it was 0.17.  

Listing Inventory - 76 properties were on the market, up from 71 homes last month and down from 114 last year.

Sold Listings - 11 homes sold, up from 8 last month.  Last year 8 homes sold. 

Months of Inventory - 6.9 months, down from last month's rate of 8.9 months. In 2009 it was 14.3 months.

Average Sales Price - $1,388,504, way up from last month's $887,500 and down 27.9% from last year. 

Price per square foot - $431.35, up from last month's $391.14 and down 18.0% to last year.

Recommendations

For buyers - Take advantage of the supply and get a good deal now. Find out if the seller really needs to sell.  Financing above the magic $729K ceiling is improving.

For sellers - Now you have real competition.  How do you sell your home and leave no money on the table?  Take advantage of our Highest Value Property Audit.  Call today for a no-obligation appointment

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

Real Estate Market Report

Glendale, CA                                                         February , 2010

At A Glance

The Market Activity Index decreased for the third month in a row, creating the perfect storm for buyers:  low interest rates (although projected to increase soon), more inventory, and prices dipping.  Remember that you need to open escrow by April 30^th and close by June 30^th, so for a short sale that could be a challenge.   To lock your rate you need an accepted offer.

Market Index- 0.43 - down 4 points.

The Market Index is at 0.43, down from 0.47 last month and up compared to 0.26 a year ago.

New Listings - 103 new listings this month, compared to 84 last month and 22 a year ago. Note that of the new listings only 6 are bank-owned and 16 are classified as short sales.

New Pending Listings - 56 listings entered escrow, compared to 44 last month, and 35 in 2009.

Pending Ratio - 0.54, down from 0.52, last month. A year ago it was 0.43.

Listing Inventory - 248 listings, down from 213 last month. In 2009 we had 314 listings.

Sold Listings - 50 homes sold, versus 56 last month and 46 last year. 

Months of Inventory - 5.0 months, up from 3.8 months last month. A year ago it was 6.8 months. 

Average Sale Price - $546,080 UP from last month's $540,167 and UP 12.5% from last year.  This is mainly due to more larger homes selling.

Price Per Square Foot - $301.70, down from $313.87 last month, and down, 2.7% compared to last year, due to more large homes being sold.

Recommendations

For buyers - More homes on the market means an opportunity to make conservative offers.  Find out if the seller really needs to sell.   I do not see any sign of a wave of foreclosures. In this month's new listings, only six REOs. 

For sellers - Now you have competition.  So how do you maximize your profit?  Take advantage of our Highest Price Analysis and learn how to make the most when you sell.  Learn how we make sure that the buyer with the winning offer is in fact qualified to buy and can successfully close escrow.

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

Real Estate Market Report

East San Fernando Valley, CA                              February, 2010

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

At A Glance

The Market Activity Index declined, due to an increase in Listing Inventory. This may make this the best time for buyers to submit some conservative offers.  Prices seem to be showing a reluctance to go lower, so this is the perfect storm for buyers - low interest rates, low prices, and the $8,000 Federal Income tax credit requires you to enter escrow by April 30^th and close by June 30^th, making short sales risky.

Market Activity Index - 0.51 down 10 points.

Last month the Index was 0.61.   Last year it was at 0.35.

New Listings - 141 new homes came on the market (32 were REOs, 53 were short sales), up from 119 listings last month, versus 192 last year.  

Pending Listings - 178 opened escrow, versus 141 last month, compared to 184 last year.  

Pending Ratio - 0.75, a decrease from last month's 1.16, and last year's 0.82.

Listing Inventory - 511 properties are on the market, up from 449 properties last month, compared to 761 last year.  

Months of Inventory - 4.0 months, even with last month, compared to 6.8 months one year ago.

Sold Listings -113 homes sold, down from the 144 last month, compared to 120 last year.

Average sale price - $327,831 up from last month's $306,441 and up 1.85% from last year.    

Price per square foot - $238.25, up from last month's $233.19, up 4.5% from last year.

Recommendations

Interest rates are expected to rise in March as the Treasury Dept. will have exhausted its Stimulus Funds. Some experts expect a full one point increase in rate. 

For buyers - Interest rates forecast to rise in March, don't wait if you need to buy.

For sellers - preparing your home for sale is the

key to getting the best price.  Ask for our Maximum

Property Value Audit to learn how to maximize your profit when you sell. For a no-obligation consultationcall today.

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

Real Estate Market Report        

Burbank, CA                           February, 2010

Burbank At A Glance

The Market Activity Index decreased due to three primary factors: More new inventory coming on the market, fewer sold listings closing escrow, resulting in an increase in listing inventory.   The new Federal Tax Credit for buyers requires escrow to open by April 30^th and close by June 30^th.  With interest rates anticipated to increase as much as one full point, now is the time to lock your rate and buy. It's the perfect storm for buyers - low interest rate, more inventory, and the Federal Tax Credit.

Market Activity Index - 0.47- down 2 points.

The market index is 0.47, almost even with last month's 0.49, which is about even with April 2009.  Last year it was 0.24.

New Listings - 58 new listings, compared to 70 last month and 54 in 2009.  Note:  of these new listings, 13 are short sales and 7 bank-owned properties.

Pending Listings - 47 listings opened escrow, about even with the 45 last month compared to 42 last year.

Pending Ratio - 0.81, up from last month's 0.64.  Last year's was 0.78.

Listing Inventory - 186 homes on the market, compared to 179 last month.  Last year - 290 listings.

Sold Listings - 40 listings sold during the month, compared to 43 last month and 29 in 2009.

Months of Inventory - 4.7 months, up from 4.2 months last month. Last year it was 10.0 months.

Average Sales Price - $494,188, down from last month's $523,104 and up 12.9% from last year's $437,638.

Price per square foot -$330.12, down from last month's $332.13, and UP 1.9 % from last year. 

Recommendations

For buyers -After months of declining inventory this increase in available listings is the ideal time to make conservative offers. Identify those sellers that need to sell.  If you are an FHA buyer know that financing for condos is going to be much tougher to find due to recent FHA rules changes.

For sellers - Unlike previous months now you've got competition.  How can you showcase your home's features that will offer buyers the most value?  - Use our Highest Price Analysis 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

Real Estate Market Report

East San Fernando Valley, CA                            December, 2009

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

The East San Fernando Valley area Market Activity Index, edged up slightly, still making it a good place to buy.  There are fewer homes on the market than a few months ago, but prices have bottomed out, so if you want to live in the area, buy now.  The first time home buyer $8,000 Federal income tax credit was not only renewed but expanded, increasing the income cap and home purchase price.

Market Activity Index - increased 1 point to 0.61

Last month the Index was 0.60.   Last year it was at 0.30.

New Listings - 119 new homes came on the market, down from 149 listings last month, versus 130 last year.

Pending Listings - 131 opened escrow, versus 127 last month, compared to 108 last year.  

Pending Ratio -1.10, an increase from last month's 0.85, and last year's 0.83

Listing Inventory - 454 properties are on the market, down from 466 properties last month, compared to 896 last year. Inventory continues to decline compared to last year.  

Absorption Rate - 3.2 months, compared to 3.0 last month, way down from 5.6 months one year ago.

Sold Listings -144 homes sold, similar to the 154 last month, compared to 159 last year.

Average sale price - $366,516 up from last month's $329,345 and just down 1.02% from last year.    

Price per square foot - $248.49, up from last month's $237.45, down 3.2% from last year - but the third month with an increase.

Conclusions

Interest rates are expected to rise in March as the Treasury Dept. will have exhausted its Stimulus Funds. We anticipate a full one point increase in rate.  For buyers and sellers acting now is the best solution to get the most for your money.

For buyers - Interest rates forecast to rise in March, don't wait if you need to buy.

For sellers - preparing your home for sale is the key to getting the best price.  Ask for our Maximum

Property Value Audit to learn how to maximize your profit when you sell.

Keith Sorem

Glendale Realtor of the Year 2009

DRE#01374635

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

Real Estate Market Report        

Burbank, CA                      December, 2009

The Market Activity Index increased due to more properties closing escrow and fewer new listings coming on the market.     The Federal Income Tax Credit of $8,000 was to expire on November 30^th which may have affected buyer decisions.     Interest rates are poised to increase in the spring, so if you are thinking by buying now is the time. The new Federal Tax Credit for buyers requires escrow to open by April 30^th and close by June 30^th.

Market Activity Index - 0.73- up 12 points.

The market index is 0.73 increasing from 0.61 last month, compared to 0.33 a year ago.

New Listings -38 new listings, compared to 56 last month and 53 in 2008.

Pending Listings - 38 listings opened escrow, compared to 62 last month and 40 last year.

Pending Ratio - 0.84, compared to last month's .66.  Last year's was 0.75.

Listing Inventory - 139 homes on the market, compared to 176 last month.  Last year - 321 listings.

Sold Listings - 64 listings sold during the month, compared to 46 last month and 67 in 2008.

Absorption Rate - 2.2 months, down from 3.9 months last month. Last year it was 4.8 months.

Average Sales Price - $515,688 up from last month's $471,455 and down 5.09% from last year's $543,343.

Price per square foot -$325.97, down from last month's $339.32, and down 3.05 % from last year.  This month more larger homes sold than in previous months.

Conclusions

Listing Inventory continues to fall lower so buyers should not be surprised when listings sell over asking price.  The wave of foreclosures, long anticipated, does not appear to be forthcoming, so don't look for a big drop in prices.

For buyers -Slim pickings means multiple offers on properties that are priced right, and low-ball offers are not likely to see a response.

For sellers - The lack of quality inventory is in your favor. Maximize your profit by taking advantage of our  Highest Price Analysis and learn how to make the most when you sell.

Keith Sorem

Glendale Realtor of the Year 2009

DRE#01374635

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

Real Estate Market Report

West San Gabriel Valley                                      November, 2009

Pasadena, Altadena, South Pasadena, and San Marino

Looking at the last few 12 months it appears that the area peaked in June and has been on a slow decline back to where we were in May. The Market Activity Index dropped 8 points, the a fairly significant decrease, returning the area to it's trendline.   Some other areas have spiked UP due to buyers taking advantage of the First Time Home Buyer Income Tax Credit, however this area has not. The good news for buyers is that the downward shift in the Market Activity Index is resulting in lower prices.

  Market Index   - 0.43, down 8 points   The Market Index fell 8 points to 0.43, down from last month's 0.51.  Last year the index was 0.21.  

New Listings - 125 new listings, up from last month's 199.  Last year there were 154.   

Pending Listings - 91 listings opened escrow, compared to 124 last month, versus 67 last year.

Pending Ratio - 0.73, close to the 0.62 last month, up from last year's 0.44 pending ratio.

Listing Inventory - 575 active listings, down from 619 last month.  Last year we had 716.

Sold Listings -157 properties sold, down from 193 last month.  Last year 84 homes sold.

Average Sales Price - $716,033, up from $802,780 last month, but only up slightly at 3.0% compared to last year.

Absorption Rate - 3.7 months, versus 3.2 last month, compared to 8.5 months last year.  Note: A six-month supply is considered a balanced market.

Price Per Square Foot - $392.13, up from last month's $414.87, and down 3.8% from a year ago.   

Conclusions

This area offers some excellent values for buyers.  After showing signs of recovery earlier in mid-2009, prices appear to have resumed their search for the bottom of the market.

For buyers - Buyers need to be aware that interest rates are expected to increase by March.  Escrows need to close by June 30^th to take advantage of the Federal Tax Credit.

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. To find out how to maximize your sale price ask for the Highest Property Value Analysis. 

 Keith Sorem DRE#01374635

Glendale Realtor of the Year 2009

Real Estate Market Report

Sunland - Tujunga - Shadow Hills                   November, 2009

For the third month in a row the Market Activity Index has increased, climbing quickly toward a seller's market.   This is the second month in a row that prices have increased. Buyers have been taking advantage of the Federal Income Tax First Time Buyer Credit, which has been extended and expanded to include move up buyers.  We expect higher interest rates in the spring due to the depletion of Stimulus funds the Treasury Dept. has spent to buy mortgages, which artificially restraining interest rate, so buy now.

Market Index - Up 9 points to 0.70

The Market Index increased 9 points to 0.70 from last month's 0.61. Last year it was 0.16.

New Listings - 29 new listings hit the market, compared to 46 last month.  W e had 20 new listings last year.

Pending Listings - 33 opened escrow from last month's 46. Last year we had 14 listings change to Pending status.

Pending Ratio -1.14, up from 1.00 last month, last year the ratio was 0.70.  

Listing Inventory - 115 properties on the market, down from last month's 135, compared to 160 last year.   

Units Sold - 47 homes closed, compared to 37 last month, versus 11 last year. 

Asorption Rate - 2.4, down from last month's 3.6. Last year the rate was 14.5 months. Note: A six-month supply is considered a balanced market.

Average Sale Price - $396,623 UP from last month's $383,812 and a 20% INCREASE from last year

Price Per Square Foot -$255.72, UP from last month's $251.19, UP 10.7% to last year.     

Conclusions                

After being at the bottom of the barrel for the last year we can finally say that this area is back to normal.  Actually, we zipped right by a balanced market and are smack in the middle of a seller's market, so for those trying to get the "best deals", they will be fewer and farther apart.

For buyers -You need to be in escrow by April 30^th and close by June 30^th to take advantage of the tax credit.

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.  Ask about our Highest Property Value Audit so you can maximize your sale price.

Keith Sorem DRE#01374635

Realtor of the Year  Glendale CA 2009 

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

Real Estate Market Report

Northeast Los Angeles                                            November, 2009

Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington

The Market Activity Index was lower than all other areas tracked- the lowest being the West San Gabriel Valley. The Absorption Rate dropped for the fourth month in a row, but prices appear to be matching the previous low levels of April.   As the Stimulus money runs out we expect interest rates to rise in the spring, so combined with the extended and expanded Federal Income Tax Credit for buyers, now is the time to buy.

Market Index - 0.55 - down 24 points  

The Market Index fell to 0.55, down 24 points from 0.79 last month.  Last year is was 0.21.

New Listings - 38 properties hit the market, down slightly from 44 last month, versus 39 last year.  

Pending Listings - 23 listings opened escrow, down from 43 last month, up from 23 in November of 2008.

Pending Ratio - 0.87, down from 0.98 last month, versus 0.64 last year.  

Listing Inventory - 144 listings on the market, down from 135 last month, last year was 218. Inventory continues  to decline                                                                                                                                                                                                                                                                                                          

Units  Sold - 50 properties sold, up from last month's 64.  Last year 11 homes sold.

Absorption rate - 2.8 months, last month was 2.1 and last year it was 14.5 months.  Note: A six-month supply is considered a balanced market.

Average Sale Price -$330,573 down from last month's $371,875 and down from last year by 25.7%.    

Price Per Square Foot - $280.38, up slightly from last month's $271.05, and down 9.6% from last year. 

Conclusions

The Market Index decrease reflects the continuing decline in the Absorption Rate with two month's of inventory available. 

For buyers -Slim pickings means multiple offers on properties that are priced right, and low-ball offers are not likely to see a response.

For sellers - The lack of quality inventory is in your favor.   Maximize your profit by taking advantage of our  Highest Price Analysis and learn how to make the most when you sell.

Keith Sorem DRE #01374635

Glendale Realtor of the Year 2009