Real Estate Market Index Report Burbank CA October 2009

By
Real Estate Agent with Keller Williams Realty

Real Estate Market Report         

Burbank, CA                     October, 2009

The Market Activity Index declined due to a jump in new inventory, namely two condo projects.  Contrary to Glendale, the developers in Burbank are by and large opting to sell their new projects, while in Glendale they are opting to lease them.  This is a great time to buy, with the extension of the income tax credit and the favorable interest rates, which are predicted to increase in the spring when the stimulus funds are exhausted.

  

Market Activity Index -0.65 - down 16 points.

The market index is 0.65 decreasing 16 points from 0.81 last month, compared to 0.44 a year ago.

Real Estate Market Index Report Burbank, CA October 2009 

New Listings -80 new listings, compared to 53 last month and 79 in 2008.

  

Pending Listings - 53 listings opened escrow, compared to 58 last month and 39 last year.

  

Pending Ratio - 0.66, compared to last month's 1.09.  Last year's was 0.49.

 

Listing Inventory - 176 homes on the market, compared to 153 last month.  Last year - 242 listings.

 

Sold Listings - 61 listings sold during the month, compared to 66 last month and 67 in 2008.

  

Absorption Rate - 2.9 months, up from 2.3 months last month. Last year it was 3.6 months.

 Real Estate Market Index Report Absorption Rate Burbank CA October 2009

Average Sales Price - $486,300 down from last month's $525,981 and down 10.6 % from last year's $544,166.

 Real Estate Market Index Report Average Sale Price Burbank CA October 2009

Price per square foot -$330.82, down from last month's $326.70, and down 6.9 % from last year.

Real Estate Market Index Report Average Price Per SF Burbank CA October 2009

Conclusions

Listing Inventory continues to remain low so buyers should not be surprised with listings selling over asking price.  The wave of foreclosures, long anticipated, does not appear to be forthcoming, so don't look for a big drop in prices.

 

For buyers -Slim pickings means multiple offers on properties that are priced right, and low-ball offers are not likely to see a response.

 

For sellers - The lack of quality inventory is in your

favor. Maximize your profit by taking advantage of our  Highest Price Analysis and learn how to make the most when you sell.

For information call Keith at 1-888-284-2056 or www.BeautifulVerdugoHomes.com

 

Keith Sorem, Realtor  DRE #01374635

Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change

 

 

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