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REAL ESTATE MARKET REPORT Burbank, CA December 2008

By
Real Estate Agent with Keller Williams Realty

Market Index

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.

  Market Index Burbank, Ca December 2008

Jumped UP from 0.26 to 0.33, SIX points.  Is this the start of a trend?   

 

New Listings - We had 53 new listings, compared to 88 last month and 62 in 2008.

Pending  Listings - 40 listings opened escrow, compared to 44 last month and only 35 last year.

Pending  Ratio - 0.75, a big improvement from 0.50 last month, and compared to last year's 0.56.

Listing Inventory - 321 homes on the market at the end of the month, compared to 397 last month, versus 334 in 2007.

Sold Listings - 67 listings sold during the month, compared to 61 last month and 37 in 2007.

Market Index Burbank, Ca December 2008 Ave Sale Price 

Average Sales Price - $546,479, which is 1.46% lower than last year - but UP from July and the first dip in three months.

 Market Index Burbank, Ca December 2008 Ave Sale Price Per SF

Price per square foot $336.23, the lowest point of the year.  It is interesting that the average square living area, 1,616 square feet, is the largest in the last twelve months, meaning that more large homes sold.  Generally speaking the larger the home, the lower the price per square foot.  The smaller the home, the higher the price per square foot.

 

Conclusions

Looking at the pricing trend is appears that Burbank has about hit the bottom of the market.  With lower interest rates (the lowest 30-year fixed rates since the 1970's) you can expect more buyers to enter the market and start buying.

 

My advice - interest rates are low, buy now.

 

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

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