Market Index
A market index of above 1.20 is a seller’s market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer’s market.
After taking a dip in July, the market index rebounded up to 0.47, the highest in the last 12 months. A year ago it was 0.14, in fact we are doing more business than last year.
New Listings
We had 66 new listings, compared to 74 in August and 125 last September.
Pending
The pending ratio jumped up to 1.00, another strong rebound, with 66 listings going into esrow. Last year 0.17, the low point of the year.
Listing Inventory
Two hundred and thirty two homes were on the market in September, less than last month, a big drop from the 383 last September.
Sold Listings
The impact of lending problems can be seen with only 42 homes closing escrow, compared to 46 last year, however that is going to change when the 66 pending listings close.
Average Sales Price
Moving back down this month to $539,303 representing a $135,619 or $20.1% decrease compared to last September.
Burbank’s price per square foot remained unchanged at $352.
The truth is that we are in a buyer’s market and buyers are buying. Will prices drop further? Perhaps, but I think the biggest reason for the drop in averages lies in the sales mix, more homes with smaller living square area being sold.
Call me today for a consultation to assess your situation.
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