Real Estate Market Report
Burbank, CA August, 2009
Market Index -0.73 - down 21 points.
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 0.73, dropping 21 points from 0.94 last month, compared to 0.37 a year ago.
New Listings -81 new listings, compared to 66 last month and 74 in 2008.
Pending Listings - 58 listings opened escrow, compared to 69 last month and 36 last year.
Pending Ratio - 0.72, compared to last month's 1.05. Last year's was .49.
Listing Inventory - 172 homes on the market, compared to 153 last month. Last year - 260 listings.
Sold Listings - 68 listings sold during the month, compared to 75 last month and 59 in 2008.
Absorption Rate - 2.5 months, UP from 2.0 months last month. Last year it was 4.4.
Average Sales Price - $502,548UP from last month's $511,484 and down 9.18 % from last year's $553,291.
Price per square foot -$335.370, up from last month's $325.99, and down 4.75 % from last year.
Conclusions
The Market Index decline is probably the best example of the impact of the weak economy. Prices are showing signs of stabilizing and were it not for the current economic downturn, prices would probably be headed upward.
For buyers - Listing inventory is still only a two and a half month supply, which means that despite the economy prices appear to have headed back up since February. For those taking advantage of the $8,000 federal tax credit, time is running out.
For sellers - The lack of quality inventory is in your favor. To maximize value properly prepare your property for sale. We c an help. Ask for our Highest Price Analysis.
Keith Sorem Realtor DRE#01374365
Data from i-Tech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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