Real Estate Market Report
East San Fernando Valley, CA July, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
Market Index - 0.70
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 0.70, down 3 points from last month's 0.73, last year it was at 0.21.
New Listings - 168 new homes came on the market, compared to 171 listings last month, versus 289 last year.
Pending Listings - 190 opened escrow, versus 210 last month, compared to 136 last year.
Pending Ratio -1.13, up down 1.23 last month but up from last year's 0.47.
Listing Inventory - 517 properties are on the market, down from 530 properties last month, compared to 1,220l ast year. Inventory continues to decline.
Absorption Rate - 3.0 months. Same as last month, way down from 9.6 months one year ago.
Sold Listings -170 homes sold, versus 177 last month, compared to 126 last year.
Days On Market - 50 days to wait for an accepted offer, down from last months 127 and equal to last years 50.
Average sale price - $319,908 down from last month's $326,333, down 23.5% from last year. Even as inventories reach record low levels, prices continue to decline but are beginning to stabilize.
Price per square foot - $225.76, down slightly
from last month's $226.27, down 19.8% from last year.
Conclusions
Although the market activity is still increasing, sales are increasing, so inventory continues to decline. An Absorption Rate of six months is considered a balanced market, and we are down to a three month supply of listings, which should result in prices going back up.
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. Ask for our Property Value Audit to learn how to maximize your profit when you sell.
Keith Sorem Realtor DRE #01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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