Real Estate Market Report
Burbank, CA December, 2009
The Market Activity Index increased due to more properties closing escrow and fewer new listings coming on the market. The Federal Income Tax Credit of $8,000 was to expire on November 30th which may have affected buyer decisions. 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 30th and close by June 30th.
Market Activity Index - 0.73- up 12 points.
The market index is 0.73 increasing from 0.61 last month, compared to 0.33 a year ago.
New Listings -38 new listings, compared to 56 last month and 53 in 2008.
Pending Listings - 38 listings opened escrow, compared to 62 last month and 40 last year.
Pending Ratio - 0.84, compared to last month's .66. Last year's was 0.75.
Listing Inventory - 139 homes on the market, compared to 176 last month. Last year - 321 listings.
Sold Listings - 64 listings sold during the month, compared to 46 last month and 67 in 2008.
Absorption Rate - 2.2 months, down from 3.9 months last month. Last year it was 4.8 months.
Average Sales Price - $515,688 up from last month's $471,455 and down 5.09% from last year's $543,343.
Price per square foot -$325.97, down from last month's $339.32, and down 3.05 % from last year. This month more larger homes sold than in previous months.
Listing Inventory continues to fall lower so buyers should not be surprised when listings sell 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.
Glendale Realtor of the Year 2009
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change