Real Estate Market Report
La Canada Flintridge, CA May, 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 is at 0.22 up from last months 0.19 and the same as last years 0.22.
New Listings - 39, up from 31 last month and last years 28.
Pending Listings - 10 listings opened escrow, compared to 13 last month. Last year 9 properties entered escrow.
Pending Ratio - Decreased to 0.26, from 0.42 last month. A year ago it was 0.32.
Listing Inventory - 13 properties, equal to 134 homes last month and up from 104 last year.
Sold Listings - 20 homes sold, similar to 12 last month. Last year 17 homes sold.
Absorption Rate - 6.7 months down from last month's rate of 11.2 months. The lowest rate in the last 12 months was May of 2008 with 6.1 months.
Average Sales Price - $1,405,800 up from last months $1,141,458- and up from$1,164,994 last year. The challenge with a small number of sales is that it only takes a few homes to make a difference and may not be indicative of the whole market.
Price per square foot - $457.17, up from last month's $456.38 and down 14/6% to last year.
Conclusions
The Absorption Rate (if home sales continued at the present rate, the number of months it would take to consume the current listing inventory) continues to drop. Unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to show signs of stabilizing.
For buyers - this may be the bottom of the market. Waiting for a "better time to buy" might mean a long time.
For sellers - preparing your home for sale is the key to getting the best price. Don't under-estimate the importance of a first impression on a buyer.
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change. |
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