La Crescenta, CA February 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 finally gave in to the market pressure and dropped to 0.25. A year ago it was 0.14.
New Listings - 25 new listings, down from 36 last month. Last year there were 41.
Pending Listings - 16 listings entered compared to 11 last month, and 13 last year.
Pending Ratio - 0.60, up from last month's 0.44. Last year the ratio was 0.22.
Listing Inventory -93 properties, down from 102 last month. Last year we had 130 listings on the market.
Sold Listings - 8 listings sold, versus 16 listings last month, compared to 9 the year before.
Days On Market - 53, compared to 81 last year.
Average Sales Price - $622,738, up from $537,882 last month. The average living area jumped also, larger homes are more expensive.
Price per square foot -$356.93, up slightly from last month's $348.37, and an increase of 9.7% compared to last year.
Conclusions
Fewer new listings, listings are entering escrow, fewer listings in inventory, fewer listings selling, prices going up. This may be the time that people look back upon and say "Wow, I wish that I had purchased a home." Will you be one of them?
Take advantage of the $8,000 federal tax credit if you buy a home, maybe another $10,000 if you buy a new home.
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change
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