La Canada Flintridge, 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's third monthly increase to 0.20, up from 0.17 last month. A year ago the index was at 0.19, so we can see the effect the shift in the financial markets.
New Listings - 25 new listings, up from 7 last month and 14 last year.
Pending Listings - 7 listings opened escrow, compared to four last month. Last year 7 properties entered escrow.
Pending Ratio - Dropped to 0.28 from 0.57 last month. A year ago it was 0.50.
Listing Inventory - 84 homes were on the market at the end of the month, compared to 59 listings last month and 80 last year.
Sold Listings - 10 homes closed escrow, versus 6 homes sold last month. Last year 8 homes sold.
Days On Market- 94, up from 78 days last month and almost up to the 99 days last year.
Average Sales Price - $1,457,500, up from $984,400 last month and down 19.7% down from last year. One challenge with a small number of sales is that it only takes a few large homes to make a difference.
Price per square foot - $504.50, down from last month's $509.52, which is down 12.1% from last year. So although the Average Sale Prices are bouncing up and down, the value per square foot has been fairly steady over the past few months.
All indicators are pointing to a bottom of the market. Values may drop a little a bit further, the question is how much farther? If you are timing the market, this may be the best time to buy. Interest rates are still low, so all in all a great time to buy and hold.
Data is from the Itech MLS and has not been verified, is not guaranteed, and is subject to change.
Comments(0)