La Crescenta, CA January 2009
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.
The Market Index ticked up two points to 0.31.
New Listings - 36 new listings, almost double last month's 17 new listings. Last year there were 30.
Pending Listings - 16 listings entered compared to 11 last month, and 13 last year.
Pending Ratio - 0.44, down from last months' 0.65, down for the first time in three months. Last year the ratio was 0.43.
Listing Inventory -102 properties compared to 82 homes left on the market last month. Last year we had 115 listings on the market.
Sold Listings - 16 listings sold, versus 13 listings last month, compared to 10 the year before.
Average Sales Price - $537,882, down from last month's $724,300, and a new 12 month low. Interestingly enough, 20% from a year ago.
Price per square foot -$348.37, up from last month's $338.40, a drop of 7.8% from last year. The average sale home decreased 239 square feet from last year.
Conclusions
Interest rates are under pressure because of the borrowing we are likely to see in order to fund the stimulus package. So time may be running out for buyers to get both low and prices and a great monthly payment.
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change
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