Real Estate Market Report

Sunland - Tujunga - Shadow Hills                               June, 2009

Market Index - Up 10 points to 0.56

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, up from 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