Real Estate Market Report
East San Fernando Valley, CA August, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
Market Index - 0.77
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 0.77, UP 7 points from last month's 0.70. Last year it was at 0.25.
New Listings - 1123 new homes came on the market, compared to 168 listings last month, versus 216 last year.
Pending Listings - 186 opened escrow, versus 190 last month, compared to 161 last year.
Pending Ratio -1.51, up down 1.13 last month but up from last year's 0.75.
Listing Inventory - 455 properties are on the market, down from 517 properties last month, compared to 1,102 last year. Inventory continues to decline.
Absorption Rate - 2.9 months, compared to 3.0 last month, way down from 7.6 months one year ago.
Sold Listings -159 homes sold, versus 170 last month, compared to 115 last year.
Average sale price - $328,874 down from last month's $319,908, down 21.4% from last year. Prices are beginning to stabilize.
Price per square foot - $225.76, down slightly
from last month's $226.27, down 19.8% from last year.
Although the market activity is still increasing, sales are increasing, so inventory continues to decline. An Absorption Rate of six months is considered a balanced market, and we are down to a three month supply of listings, which should result in prices going back up.
For buyers - this may be the bottom of the market. The Federal tax credit has been extended to November 30th, so do not wait if you want to take advantage of this credit.
For sellers - preparing your home for sale is the key to getting the best price. Ask for our Property Value Audit to learn how to maximize your profit when you sell.
Keith Sorem Realtor DRE #01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.