Real Estate Market Report
East San Fernando Valley, CA February, 2010
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
At A Glance
The Market Activity Index declined, due to an increase in Listing Inventory. This may make this the best time for buyers to submit some conservative offers. Prices seem to be showing a reluctance to go lower, so this is the perfect storm for buyers - low interest rates, low prices, and the $8,000 Federal Income tax credit requires you to enter escrow by April 30th and close by June 30th, making short sales risky.
Market Activity Index - 0.51 down 10 points.
Last month the Index was 0.61. Last year it was at 0.35.
New Listings - 141 new homes came on the market (32 were REOs, 53 were short sales), up from 119 listings last month, versus 192 last year.
Pending Listings - 178 opened escrow, versus 141 last month, compared to 184 last year.
Pending Ratio - 0.75, a decrease from last month's 1.16, and last year's 0.82.
Listing Inventory - 511 properties are on the market, up from 449 properties last month, compared to 761 last year.
Months of Inventory - 4.0 months, even with last month, compared to 6.8 months one year ago.
Sold Listings -113 homes sold, down from the 144 last month, compared to 120 last year.
Average sale price - $327,831 up from last month's $306,441 and up 1.85% from last year.
Price per square foot - $238.25, up from last month's $233.19, up 4.5% from last year.
Interest rates are expected to rise in March as the Treasury Dept. will have exhausted its Stimulus Funds. Some experts expect a full one point increase in rate.
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. For a no-obligation consultationcall today.
Glendale CA Realtor® of the Year 2009
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change