Total number of home sales down 13% in 2007.

There were a total of 293 homes sold in Calabasas, CA during 2007, down 44 (13%) from the 2006 total of 337.  Take a good look at the chart above, you can see that home sales were in line with 2006 figures until September.  The time from escrow opened to actual close is usually 30-45 days, we can assume that the slow down in sales was actually two months earlier or July and coincides with the mortgage melt down.  September, October, November and December were significantly lower in number of sales. 

It's a Buyers market - with 9 months of Calabasas homes inventory.

As I write this post there are 172 active properties on the market in Calabasas.  The absorption rate (average number of sales per month) is approximately 19* sales per month.  This means that we have a nine month supply of homes on the market right now.  Six months of inventory is considered a neutral market.  Nine months would be considered a buyers market. 

January and February will experience similar closed sales (approximately 20)

There are 15 Calabasas homes in escrow right now.  These transactions would most likely close within the next 30 to 60 days.  It appears that January and February will experience a similar number of home sales (approximately 19 or 20 each month). 

The Outlook is for a moderate Spring and Summer 2008. 

Move Up Buyers should start planning their move.

Home sales usually increase during the Spring and Summer and 2008 should be no different.  Interest rates are lower than ever and buyers that are in solid financial shape will have no problem obtaining a mortgage.  Smart move up buyers should seize this opportunity to sell their homes and move up to a larger and more luxurious home this Spring and Summer.  This is the time to act if you are moving within Calabasas and are selling a lesser price home to move up.  Whatever price concession you make on your current smaller home will be gained plus more on a bigger more expensive home. 

First time home buyers with solid resources are encouraged to buy now.

First time home buyers that were priced out of the market before can now afford Calabasas.  There are several condo's listed in the $350,000 to $600,000 range and single family homes in the $650,000 and up range.  There are a few bank owned properties and short pays that make this the perfect time if you've been trying to move in to Calabasas but thought the prices were too high. 

If you would like more information on Calabasas and the market conditions or how these numbers will effect you and your home purchase or sale, please call Tracey Thomas at (818) 652-2937.

*The absorption rate was calculated by taking the total number of sales for July through December (116) and dividing by 6 months.  (Six months = July, August, September, October, November and December)