Real Estate Market Report
East San Fernando Valley, CA October, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
The East San Fernando Valley area has the second highest Market Activity Index, making it a good place to buy. There are fewer homes on the market than a few months ago, but prices are still declining, so if you want to live in the area, buy now. The first time home buyer $8,000 Federal income tax credit was not only renewed but expanded, increasing the income cap and home purchase price.
Market Index - 0.71
The market index is at 0.71 equal to last month. Last year it was at 0.30.
New Listings - 147 new homes came on the market, down 50 compared to 197 listings last month, versus 208 last year.
Pending Listings - 175 opened escrow, versus 185 last month, compared to 146 last year.
Pending Ratio -1.19, the highest rate in the last 24 months, up from 0.95 last month and from last year's 0.70
Listing Inventory - 474 properties are on the market, up from 483 properties last month, compared to 858 last year. Inventory continues to decline compared to last year.
Absorption Rate - 2.9 months, compared to 3.1 last month, way down from 7.5 months one year ago.
Sold Listings -162 homes sold, similar to the 158 last month, compared to 114 last year.
Average sale price - $339,303 up from last month's $320,597, down 7.87% from last year.
Price per square foot - $227.26, up from last month's $222.17, down 15.37 % from last year.
Although the Market Activity Index has decreased slightly, inventory levels remain low. 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 - good news for sellers, not for buyers.
For buyers - this may be the bottom of the market; both the average sale price and the average sale price per square foot are increasing.
For sellers - preparing your home for sale is the
key to getting the best price. Ask for our Maximum
Property Value Audit to learn how to maximize your profit
when you sell.
For more information call Keith at 1-888-284-2056 or www.BeautifulVerdugoHomes.com
Keith Sorem, Realtor DRE# 01374635
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change