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
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