Real Estate Market Report
Sunland - Tujunga - Shadow Hills November, 2009
For the third month in a row the Market Activity Index has increased, climbing quickly toward a seller's market. This is the second month in a row that prices have increased. Buyers have been taking advantage of the Federal Income Tax First Time Buyer Credit, which has been extended and expanded to include move up buyers. We expect higher interest rates in the spring due to the depletion of Stimulus funds the Treasury Dept. has spent to buy mortgages, which artificially restraining interest rate, so buy now.
Market Index - Up 9 points to 0.70
The Market Index increased 9 points to 0.70 from last month's 0.61. Last year it was 0.16.
New Listings - 29 new listings hit the market, compared to 46 last month. W e had 20 new listings last year.
Pending Listings - 33 opened escrow from last month's 46. Last year we had 14 listings change to Pending status.
Pending Ratio -1.14, up from 1.00 last month, last year the ratio was 0.70.
Listing Inventory - 115 properties on the market, down from last month's 135, compared to 160 last year.
Units Sold - 47 homes closed, compared to 37 last month, versus 11 last year.
Asorption Rate - 2.4, down from last month's 3.6. Last year the rate was 14.5 months. Note: A six-month supply is considered a balanced market.
Average Sale Price - $396,623 UP from last month's $383,812 and a 20% INCREASE from last year
Price Per Square Foot -$255.72, UP from last month's $251.19, UP 10.7% to last year.
After being at the bottom of the barrel for the last year we can finally say that this area is back to normal. Actually, we zipped right by a balanced market and are smack in the middle of a seller's market, so for those trying to get the "best deals", they will be fewer and farther apart.
For buyers -You need to be in escrow by April 30th and close by June 30th to take advantage of the tax credit.
For sellers - preparing your home for sale is the key to getting the best price. Although inventory levels are at historic lows, appraisals are causing problems. Ask about our Highest Property Value Audit so you can maximize your sale price.
Keith Sorem DRE#01374635
Realtor of the Year Glendale CA 2009
Data from Itech MLS has not been verified, is not guaranteed, and is subject to change