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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report Burbank, CA May 2009

Real Estate Market Report

Burbank, CA          May, 2009

 

Market Index - 64, highest in TWO YEARS!

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 made the second highest one month  gain in the last two years, jumping 14 points to 0.64. 

 

New Listings –55 new listings, compared to 65 last month and 74 in 2008.

 

Pending Listings – 70 listings opened escrow, compared to 63 last month and 52 last year.

 

Pending Ratio – 1.27, the highest pending ratio of the year!  Last year’s was 0.70.

 

Listing Inventory – 189 homes on the market at the end of the month, compared to 234 last month , is the lowest inventory in two years.  We had 300 listings in 2008.

 

Sold Listings – 51 listings sold during the month, compared to 73 last month and 41 in 2008.

 

Absorption Rate – 3.7 months, down from 4.4 months last month. The lowest was 3.6 in October of 2008. 

 

Average Sales Price - $497,260, up from last month’s $478,402, however down 4.9% from last year.

 

Price per square foot - $327.360.99, down from last month’s $360.99, and down 12.5% from last year.

 

Conclusions

 

The Absorption Rate (if home sales continued at the present rate, the number of months it would take to consume the current listing inventory) continues to drop.  Unit sales are strong, so demand is slowly outpacing inventory.  Prices are beginning to show signs of stabilizing.  The price per square foot has been increasing since March.

 

For buyers – many are frustrated at the lack of inventory - this may be the bottom of the market.

 

For sellers – preparing your home for sale is the key to getting the best price.  The lack of qualify inventory is in your favor and some strategic improvements and maintenance might make the difference between maximizing your profit or not.

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

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