Real Estate Market Report
La Crescenta, CA August, 2009
Market Activity Index - 0.86 UP 1 point.
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 increased to 0.86 from last months 0.85 - A year ago it was 0.31.
New Listings - 20 new listings, down from 25 last month. Last year there were 44.
Pending Listings - 23 listings entered escrow compared to 23 last month, and 12 last year.
Pending Ratio -1.15, up0.22 points from last month's 0.92. Last year the ratio was 0.34.
Listing Inventory -65 properties, down from last month's 74. Last year we had 118 listings on the market. Inventory continues to decline.
Sold Listings - 33 listings sold, down from 40 listings last month, and 24 the year before.
Absorption Rate is 2.0 months compared to 1.9 last month and 4.9 months last year. Note: a balanced market is considered to be a six month supply of listings.
Average Sales Price - $601,955, up from last months $557,975 and down from last year's $582,017 or a 3.4% drop.
Price per square foot -$368.84up from last month's $335.18, and down 6.5% compared to last year's $394.59.
The Market Index continues to remain high. Prices are showing signs of increasing and appear to have bottomed out in January. The market is struggling due to the weak economy and the revised appraisal systems in place since May 1st..
For buyers - better plan on paying more, dealing with multiple offers on well-priced properties, and receiving counters from sellers.
For sellers - preparing your home for sale is the key to getting the best price. Beware of appraisal issues, plan ahead.
Keith Sorem Realtor DRE#01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.