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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report La Crescenta, CA May 2009

Real Estate Market Report

La Crescenta, CA  May, 2009


Market Activity 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 soared to 0.75 from last months 0.35 – A year ago it was 0.38.   


New Listings – 21 new listings, way down from 58 last month.  Last year there were 36.


Pending Listings – 32 listings entered escrow compared to 20 last month, and 15 last year.


Pending Ratio – 1.52, down from last month’s 0.34.  Last year the ratio was 0.42.



Listing Inventory –80 properties, down from last months 123.  Last year we had 118 listings on the market.   


Sold Listings – 28 listings sold, versus 23 listings last month, compared to 30 the year before.   


Days On Market – 89, compared to 104 last month and 57 last year.

Absorption Rate
is 2.9 months compared to 5.4 last month and 3.9 months last year.  Note:  a balanced market is considered to be a six month supply of listings.


Average Sales Price
- $543,179 down from last months $560,196, and down from last year’s $628,571 or a 13.6% drop. 

Price per square foot –$333.85, UP from last month’s $313.66, and down 11.4 % compared to last year’s $394.83.



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.  Values appear to be bottoming out.


For buyers – this may be the bottom of the market


For sellers – preparing your home for sale is the key to getting the best price. 

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

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