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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Report - East San Fernando Valley - December, 2008

East San Fernando Valley, CA                  December, 2008

North Hollywood, Sun Valley, Shadow Hills, Valley Village, Valley Glen, and Van Nuys.

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.

The market index UP four points to 0.31.   

 

New Listings - 130 new listings, down from 181 last month, versus 177 in January.

 Pending Listings – 108 entered escrow, down from 152 last month and compared to only 25 last year.

 Pending Ratio – 0.74, down from 0.84 last month, up from last year’s 0.14. 

Listing Inventory – 896, down sharply from 1,031 last month, compared to 870 last year.

Sold Listings - 133, up 10 from last month, compared to 67 last year.   


Sales prices - $370,311, dropped 18.37% compared to last year and are continuing to decline.  Now the lowest point in the last 12 months.    

 

Price per square foot - $256.80, up from last month, which was the low point for the last 12 months.  Could we be at the bottom of the market?

 Conclusion

People want to know how to get their fair share of the economic stimulus package.  The easiest way is probably to re-finance your home or buy a home.  With 30-year fixed rates approaching the lows not seen since the 1970’s this is the time to take action.

Given the decline in listing inventory and the current price trend, combined with low interest rates, make this a great time to buy.

 

Call me if you need help in purchasing or selling at 1-888-284-2056.

 

Data is from SRAR and has not been verified, is not guaranteed, and subject to change

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