Burbank Closed Sales for September 2008

Month to month average sale price from August to September 2008 is down $14,258, year over year, average sale prices are down by $127,253 or 19%.

Average days on market, year over year are up 23 days.

Average square footage is down by 8% year over year.

Most notably number of sold properties is down 34% from August 2008 and down 22% from September 2007.

These numbers are reflecting several factors……

• More foreclosures have been coming online, loans are hard to come by in the current credit environment.

• Mortgage applications have been down, despite lower rates, but mainly due the seizing up of the credit markets.