Real Estate Market Report
Burbank, CA June, 2009
Market Index -0.84, highest in TWO YEARS!
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 to change
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