Real Estate Market Index Report Burbank CA February 2010

Real Estate Market Report        

Burbank, CA                           February, 2010

Burbank At A Glance

The Market Activity Index decreased due to three primary factors: More new inventory coming on the market, fewer sold listings closing escrow, resulting in an increase in listing inventory.   The new Federal Tax Credit for buyers requires escrow to open by April 30^th and close by June 30^th.  With interest rates anticipated to increase as much as one full point, now is the time to lock your rate and buy. It's the perfect storm for buyers - low interest rate, more inventory, and the Federal Tax Credit.

Market Activity Index - 0.47- down 2 points.

The market index is 0.47, almost even with last month's 0.49, which is about even with April 2009.  Last year it was 0.24.

New Listings - 58 new listings, compared to 70 last month and 54 in 2009.  Note:  of these new listings, 13 are short sales and 7 bank-owned properties.

Pending Listings - 47 listings opened escrow, about even with the 45 last month compared to 42 last year.

Pending Ratio - 0.81, up from last month's 0.64.  Last year's was 0.78.

Listing Inventory - 186 homes on the market, compared to 179 last month.  Last year - 290 listings.

Sold Listings - 40 listings sold during the month, compared to 43 last month and 29 in 2009.

Months of Inventory - 4.7 months, up from 4.2 months last month. Last year it was 10.0 months.

Average Sales Price - $494,188, down from last month's $523,104 and up 12.9% from last year's $437,638.

Price per square foot -$330.12, down from last month's $332.13, and UP 1.9 % from last year. 

Recommendations

For buyers -After months of declining inventory this increase in available listings is the ideal time to make conservative offers. Identify those sellers that need to sell.  If you are an FHA buyer know that financing for condos is going to be much tougher to find due to recent FHA rules changes.

For sellers - Unlike previous months now you've got competition.  How can you showcase your home's features that will offer buyers the most value?  - Use our Highest Price Analysis and learn how to make the most when you sell. 

Keith Sorem

Glendale CA Realtor® of the Year 2009

DRE# 01374635

Data from i-Tech  MLS has not been verified, is not guaranteed, and is subject to change