Real Estate Market Report
La Crescenta/Montrose/Glendale Annex November, 2009
This area is holding at number 8 in Market Activity Index out of 22 areas. Sometimes statistics are deceiving, and in CV over 40% of homes are selling within 30 days, so do not let the low Index fool you. Good values go quickly, usually with multiple offers. Overpriced listings (60% of the market) tend to sit, receiving offers that are below the list price. The extension and expansion of the $8,000 Federal Tax Credit will help, as well as the $6,500 tax credit for move-up buyers. Interest rates are likely to rise in the spring, so if you need to move, call me now.
Market Activity Index - 0.70, dropped 4 points.
The Market Index is at 0.70 down, 4 points from last month, a year ago it was 0.30.
New Listings - 35 new listings, up from 30 last month. Last year there were 51.
Pending Listings - 25 listings entered escrow compared to 23 last month, and 27 last year.
Pending Ratio -0.70, down 4 points from 0.74 points last month. Last year the ratio was 0.53.
Listing Inventory - 80 properties, up from last month's 69. Last year we had 90 listings on the market. Inventory continues to be in short supply.
Sold Listings - 31 listings sold, about even with 30 listings last month, and 16 the year before.
Absorption Rate is 2.6 months compared to 2.3 last month and 5.6 months last year. Note: a balanced market is considered to be a three month supply of listings.
Average Sales Price - $595,113, up from last month's $540,097 and up from last year's $580,235, a 2.6% increase.
Price per square foot -$352.14, down from last month's $359.59, and up from last year's $345.17 or an increase of 2%.
The Market Activity Index reflects the continuing low Absorption Rate with 2.6 months of inventory available, resulting in prices stabilizing.
For buyers -Low-ball offers are likely to be ignored by sellers. Interest rates are forecast to increase in the spring, so waiting may not be in your best interest (pun intended!).
For sellers - Maximize your profit by taking advantage of our Highest Price Analysis and learn how to make the most when you sell.
Keith Sorem DRE#01374635
Glendale Realtor of the Year 2009
Data from i-Ttech MLS has not been verified, is not guaranteed, and is subject to change.