Real Estate Market Index Report for Northeast Los Angeles, CA May 2009

Real Estate Market Report

Northeast Los Angeles          May, 2009

Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington

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 went up to 0.45, versus 0.35 last month.  Last year is was 0.14. This is 5 months in a row of increases.

 

New Listings - 50 properties hit the market, UP from 12 last month and 61 last year.

  

Pending Listings - 49 listings opened escrow, up from 30 last month versus 25 in April of 2008.

  

Pending Ratio - 0.98, way up  from 0.45 last month, versus 0.38 last year. 

  

Listing Inventory -196 listings on the market, down from 226 last month, last year was 297. 

 

Units Sold -39 properties sold, up from last month's 48. Last year 16 homes sold.

 

Days On Market - 137 versus 167 last year.

 

Absorption rate - 5.0 months, last year it was 18.6 months!

 

Average Sale Price -$425,285, UP  from last month's $384,463, and down only from last year by 9.3%.    

 

Price Per Square Foot - $306.40, up from last month's $262.97, and down 1.2%  from last year. 

 

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.  The price per square foot has been increasing since March.

 

For buyers - this may be the bottom of the market. Don't believe what the media is selling.  Both price per square foot and average price have been increasing since March.

For sellers - preparing your home for sale is the key to getting the best price. 

 

Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.

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