Real Estate Market Report
East San Fernando Valley, CA December, 2009
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
The East San Fernando Valley area Market Activity Index, edged up slightly, still making it a good place to buy. There are fewer homes on the market than a few months ago, but prices have bottomed out, 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 Activity Index - increased 1 point to 0.61
Last month the Index was 0.60. Last year it was at 0.30.
New Listings - 119 new homes came on the market, down from 149 listings last month, versus 130 last year.
Pending Listings - 131 opened escrow, versus 127 last month, compared to 108 last year.
Pending Ratio -1.10, an increase from last month's 0.85, and last year's 0.83
Listing Inventory - 454 properties are on the market, down from 466 properties last month, compared to 896 last year. Inventory continues to decline compared to last year.
Absorption Rate - 3.2 months, compared to 3.0 last month, way down from 5.6 months one year ago.
Sold Listings -144 homes sold, similar to the 154 last month, compared to 159 last year.
Average sale price - $366,516 up from last month's $329,345 and just down 1.02% from last year.
Price per square foot - $248.49, up from last month's $237.45, down 3.2% from last year - but the third month with an increase.
Conclusions
Interest rates are expected to rise in March as the Treasury Dept. will have exhausted its Stimulus Funds. We anticipate a full one point increase in rate. For buyers and sellers acting now is the best solution to get the most for your money.
For buyers - Interest rates forecast to rise in March, don't wait if you need to buy.
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.
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Keith Sorem
Glendale Realtor of the Year 2009
DRE#01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change
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