Real Estate Market Report
La Cañada Flintridge, CA February, 2010
At A Glance
La Cañada Flintridge continues to have the lowest Market Activity Index of the areas I monitor. Important points this month: A big increase in new pending listings and a drop in the Months of Inventory from 8.9 to 6.9 months. Interest rates are forecast to increase by as much as a half point so now would be a great time to lock your rate.
Market Activity Index 0.29, up 12 points. The Market Index is back to the same level as May-June levels - talk about back to the old days. Last year it was 0.12 - so even with this 12 point jump, still the lowest in the area.
New Listings - 22, up from 24 last month and up from last year's 35. You might be interested to know that three new listings are short sales, two are REOs.
Pending Listings - 11 listings opened escrow, up from 4 last month. Last year 6 properties entered escrow.
Pending Ratio - At 0.50, up slightly from 0.52 last month. A year ago it was 0.17.
Listing Inventory - 76 properties were on the market, up from 71 homes last month and down from 114 last year.
Sold Listings - 11 homes sold, up from 8 last month. Last year 8 homes sold.
Months of Inventory - 6.9 months, down from last month's rate of 8.9 months. In 2009 it was 14.3 months.
Average Sales Price - $1,388,504, way up from last month's $887,500 and down 27.9% from last year.
Price per square foot - $431.35, up from last month's $391.14 and down 18.0% to last year.
Recommendations
For buyers - Take advantage of the supply and get a good deal now. Find out if the seller really needs to sell. Financing above the magic $729K ceiling is improving.
For sellers - Now you have real competition. How do you sell your home and leave no money on the table? Take advantage of our Highest Value Property Audit. Call today for a no-obligation appointment
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
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