Real Estate Market Report
Northeast Los Angeles June, 2009
Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington
Market Index - 0.56 - 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 went up to 0.56, versus 0.45 last month. Last year is was 0.17. This is the six month in a row of increases.
New Listings - 49 properties hit the market, about even with 50 last month, versus 52 last year.
Pending Listings - 49 listings opened escrow, equal to 49 last month, up from 23 in June of 2008.
Pending Ratio - 1.00, about even from 0.98 last month, versus 0.37 last year.
Listing Inventory -157 listings on the market, down from 196 last month, last year was 278. Inventory increased slightly.
Units Sold -39 properties sold, equal to last month's 39. Last year 28 homes sold.
Days On Market - 137 versus 130 last year.
Absorption rate - 4.0 months, last year it was 8.5 months. A six-month supply is considered a balanced market.
Average Sale Price -$393,600 down from last month's $425.285, and down from last year by 18.2%.
Price Per Square Foot - $293.95, down from last month's $306.40, and down 17.8% from last year.
For buyers - this may be the bottom of the market.
Given the economy it is possible we will remain at the bottom for a while and that prices may continue to fall.
For sellers - preparing your home for sale is the key to getting the best price. Appraisals problems are beginning to have a negative impact on sales prices and may help push prices down further.
Keith Sorem Realtor DRE #01374635