Real Estate Market Index Report Burbank CA November 2009

Real Estate Market Report        

Burbank, CA                      November, 2009

The Market Activity Index declined primarily due to two factors, a decline in new listings and a decline in closed sales.  The Federal Income Tax Credit of $8,000 was to expire on November 30^th, so it may be that affected buyers decisions.  Either way, the index has declined to May '09 levels, reflecting the general economic conditions.  Interest rates are poised to increase in the spring, so if you are thinking by buying now is the time. The new Federal Tax Credit for buyers requires escrow to open by April 30^th and close by June 30^th.

Market Activity Index -0.61 - down 4 points.

The market index is 0.61 decreasing from 0.65 last month, compared to 0.26 a year ago.

New Listings -56 new listings, compared to 80 last month and 88 in 2008.

Pending Listings - 62 listings opened escrow, compared to 53 last month and 54 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 - 46 listings sold during the month, compared to 61 last month and 67 in 2008.

Absorption Rate - 3.9 months, up from 2.9 months last month. Last year it was 6.5 months.

Average Sales Price - $471,455 down from last month's $486,300 and down 13.7% from last year's $546,479.

Price per square foot -$339.32, up from last month's $330.82, and down 1.9 % from last year.

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.

Keith Sorem Realtor DRE#01374635

Glendale Realtor of the Year 2009