Real Estate Market Report

Northeast Los Angeles          August, 2009

Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington

Market Index  - 0.65 - up 1 point.

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 went up to 0.65, versus 0.64 last month.  Last year is was 0.24. This is the 8th month in a row of increases.

New Listings - 57 properties hit the market, up from 49 last month, versus 60 last year.

Pending Listings - 52 listings opened escrow, compared to 49 for each of the last two months, up from 26 in August of 2008.

Pending Ratio - 0.83, down from 1.67, last month, versus 0.43 last year. 

Listing Inventory - 161 listings on the market, down from 174 last month, last year was 248. Inventory continues to decline.  

Units Sold -62 properties sold, even with last month's 62.  Last year 33 homes sold.

Absorption rate - 2.6 months, last month was 2.8 and last year it was 5.9 months.  Note: A six-month supply is considered a balanced market.

Price Per Square Foot - $295.50, down from last month's $279.88, and down 12.8% from last year. 

Conclusions

For buyers - prices are still falling, but so is inventory.  At some time prices will begin to level off, so if you are thinking of buying, don't wait too long.  The $8,000 Federal Tax credit is being extended to November 30^th..

Given the economy it is possible we will remain at the bottom for a while and that prices may continue to fall.

For sellers - preparing your home for sale is the key to getting the best price.  Appraisals problems are beginning to have a negative impact on sales prices and may help push prices down further.  Ask us for our Highest Property Value Audit to see what we can do to help you sell your home for the most money.

Keith Sorem Realtor DRE #01374635

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