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Calabasas Real Estate Numbers for January 2008

By
Real Estate Agent with BrokerInTrust Real Estate Cal BRE #01345507

January 2008 wasn't such a great month for Calabasas real estate.  But don't panic when you look at these numbers, it's not as bad as it looks at first glance.  As I type this article there are 176 homes on the market in Calabasas.  This translates into about an eleven months supply of inventory.  It's a buyers market for sure!  Although the average price dropped about 20% compared to last January's prices it looks like February's numbers will be better.  There are currently 19 properties in escrow and several of these are over $2,000,000. 

 

Jan. 2006
 

Jan. 2007
 

Jan. 2008
 

#
Change from 2007
 

%
Change from 2007
 

Closed Escrows

27

26

16

-10

-38.462 %

Avg. Sale Price

$1,302,620

$1,366,307

$1,086,820

-279,487

-20.456 %

 

 

 

 

The rain has finally stopped and buyers are out in full force.  I have been swamped by buyer calls ready to buy, and they're looking for "deals".  My open houses have seen much more traffic and the skuttle butt among most agents is that they are busy too.  I have also had several smart move up buyers list their homes because they understand that if they take a 10 or 15% hit on the sell side, they'll make it up plus on the buy side.  I agree with this thinking and I'm encouraging buyers who are in a good financial position not to wait to move up.  It's possible now to buy a home in Calabasas Park Estates, Mont Calabasas or even The Oaks for under $2,000,000.  Just six months ago this would have been almost impossible.

The good news is if you are a first time home buyer and you want to live in Calabasas you can finally buy a home for under a million dollars. There are several homes in the Mulwood section of Calabasas that are listed in the $700,000 to $800,000 range. This is a wonderful neighborhood and is within walking distance to the elementary, middle and high school. There are even a few bank owned properties.  If you're interested in a condo there are several on the market from just under $400,000 to slightly over $500,000.  Many of these are within walking distance of the Calabasas Commons.

If you are thinking about selling your home and moving up in Calabasas and want to know how this market will affect your move, call me for an in depth analysis of your sell and buy numbers.  I'll help you determine if this is the right time to move up or stay put. 

January 2008 Calabasas Closed sales by Address

Address

Bd

Bth

Sty

Gar

SqFt

Yr Blt

Price

DOM

4201 Las Virgenes Rd 104 

2   

862 

1992 

$360,000 

112 

23401 Park Sorrento 27 

2   

1,011 

1973 

$380,000 

129 

4612 Park Granada 55 

2   

1,326 

1972 

$410,000 

95 

26124 Roymor Dr  

1.75 

2 A 

1,781 

1964 

$590,000 

22 

4339 Oak Glen St  

2.5 

2 A 

1,594 

1988 

$595,000 

153 

26033 Adamor Rd  

2 A 

2,175 

1965 

$690,000 

28 

3747 Eddingham Ave  

2 A 

1,674 

1971 

$750,000 

13 

3424 Stoneridge Ct  

2.5 

2 A 

2,499 

1990 

$765,000 

30 

4212 Park Verdi

2.75 

3 A 

3,075 

1989 

$1,179,000 

115 

23262 Park Corniche  

3.5 

3   

2,995 

1989 

$1,350,000 

153 

26939 Alsace Dr  

3.5 

3 A 

4,043 

2003 

$1,615,000 

77 

3975 Prado Del Trigo  

3.5 

3 A 

3,554 

2005 

$1,800,000 

130 

23306 Park Hacienda  

3 A 

3,850 

1978 

$1,890,000 

72 

3960 Prado De Las Frutaas  

3.5 

3 A 

4,130 

2005 

$2,160,000 

95 

5497 Amber Cir  

6.5 

3 A 

6,610 

1994 

$2,500,000 

60 

4282 Prado De Los Ciervos  

3 A 

5,778 

2002 

$2,915,000 

82 

 

Comments (3)

Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
Tracey- That was a very good synopsis of Calabasas market conditions! Heck, I will take 9 months of inventory over our 3 years any day! :)
Feb 11, 2008 05:04 PM
Dan Forbes
Bradenton, FL
Tracey,  Nice report.  I too have been swamped with buyer calls....but they are very low quality.  People are indecisive and many of them are only curious.  Those who really want to buy are credit challenged. 
Feb 11, 2008 09:49 PM
Gary Bolen
McCall Realty - South Lake Tahoe, CA
CRS - Lake Tahoe Real Estate Information

Tracey - Seems like we like every market report we see. Isn't that what we're doing here? Helping our maket out with real facts... that few ever do. Like how that helps us at the same time. And what separates a lot of us from the rest is we're willing to work long enough and hard enough to do it. Thanks for this good localism piece, and thanks too for your wonderful, kind comment on our penguin folly. that one was a silly one indeed.

cheers 

Feb 15, 2008 02:38 PM