Real Estate Market Report

Sunland - Tujunga - Shadow Hills                               July, 2009

Market Index - DOWN 10 points to 0.46

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 0.46 from last months 0.56. Last year it was 0.29.

New Listings - 48 new listings hit the market, compared to 23 last month.  We had 58 new listings last year.

Pending Listings - 32 opened escrow equal to last months 32. Last year we had 25 listings change to Pending status.

Pending Ratio -0.67, way down from 1.39 last month, last year the ratio was 0.45.  

Listing Inventory - 147 properties on the

market, up from last month's 120, compared to 196 last year. There are fewer properties available for sale than last year.

Units Sold - 35 homes closed, equal to last month's 35 homes, versus 27 last year. 

The Absorption rate is 4.2, last month it was 3.2. Last year the rate was 7.3 months.

Average Sale Price -$377,346 down from last month's $391,952, and an 8.3% drop from last year.   

Price Per Square Foot -$263.33, up from last month's $253.20, down 5.5% to last year.     

Conclusions                

The Market Index has decreased for the first time in six months. 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 do not 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.  Ask about our  Highest Property Value Analysis so you can maximize your sale price. 

Keith Sorem Realtor DRE#01374635

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