Real Estate Market Report

La Canada Flintridge, CA      August, 2009

Market Index  0.46, up 3 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 at 0.46 up .03 from last month's 0.43 and last year's 0.22. 

New Listings - 19, down from 21 last month and last year's 17.

Pending Listings - 13 listings opened escrow, down from 15 last month.  Last year 5 properties sold. 

Pending Ratio -  At  0.68, down from 0.71 last month.   A year ago it was 0.29.  

Listing Inventory - 81 properties, down from 94 homes last month and down from 88 last year.   

Sold Listings - 24 homes sold, down from 25 last month.  Last year 16 homes sold. 

Absorption Rate - 3.4 months down from last month's rate of 3.8 months. In 2008 it was 4.2 months.

Average Sales Price -$1,082,896, down from last months $1,514,720 - and down 32.9% from last year. 

Price per square foot - $438.472, down from last month's $441.48 and down 13.78% to last year.           

Conclusions

The Market Index continues to climb.  Unit sales are strong, so demand is slowly outpacing inventory.  Prices are continuing their decline.  Lack of attractive financing for loans over $729,750 is continuing to plague buyers.

For buyers - if you have been waiting on the sidelines, now might be the time to jump in the game. 

For sellers - properly preparing your home for sale is the key to getting the best price.  Ask for our Highest Property Value Audit to find out how to maximize your profit (or minimize your loss) 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.