Real Estate Market Report
East San Fernando Valley, CA June, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
Market Index - 0.73, up 11 points!
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 0.73, up 11 points from last month's 0.62, last year it was at 0.22.
New Listings - 171 new homes came on the market, compared to 181 listings last month, versus 265 last year.
Pending Listings - 210 opened escrow, versus 200 last month, compared to 123 last year.
Pending Ratio -1.23, up from 1.10 last month but up from last year's 0.49.
Listing Inventory - 530 properties are on the market, down from 560 properties last month, compared to 1,167 last year. Inventory continues to decline.
Absorption Rate - 3.0 months. Down from 3.8 last month, but down from 9.5 a year ago.
Sold Listings -177 homes sold, versus 149 last month, compared to 123 last year.
Days On Market - 127 to wait for an accepted offer, up from last months 105 and last years 66.
Average sale price - $$326,333, down from last month's $332,201 down $12.9% from last year. Even as inventories reach record low levels, prices continue to decline-but at a lower rate of decline.
Price per square foot - $226.27, down slightly from last month's $228.30, down 13.2% from last year.
Conclusions
Although the market activity is still increasing, sales are increasing, inventory continues to decline. An Absorption Rate of six months is considered a balance market, and we are down to a three month supply of listings, which should result in prices going back up. You can see from the from the Average Sale Price that values appear to be leveling off.
For buyers - this may be the bottom of the market.
For sellers - preparing your home for sale is the key to getting the best price.
Keith Sorem, Realtor DRE#01374635
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Data is from SRAR and has not been verified, is not guaranteed and is subject to change |
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