Real Estate Market Report
Northeast Los Angeles November, 2009
Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington
The Market Activity Index was lower than all other areas tracked- the lowest being the West San Gabriel Valley. The Absorption Rate dropped for the fourth month in a row, but prices appear to be matching the previous low levels of April. As the Stimulus money runs out we expect interest rates to rise in the spring, so combined with the extended and expanded Federal Income Tax Credit for buyers, now is the time to buy.
Market Index - 0.55 – down 24 points.
The Market Index fell to 0.55, down 24 points from 0.79 last month. Last year is was 0.21.
New Listings – 38 properties hit the market, down slightly from 44 last month, versus 39 last year.
Pending Listings – 23 listings opened escrow, down from 43 last month, up from 23 in November of 2008.
Pending Ratio – 0.87, down from 0.98 last month, versus 0.64 last year.
Listing Inventory – 144 listings on the market, down from 135 last month, last year was 218. Inventory continues to decline.
Units Sold – 50 properties sold, up from last month’s 64. Last year 11 homes sold.
Absorption rate – 2.8 months, last month was 2.1 and last year it was 14.5 months. Note: A six-month supply is considered a balanced market.
Price -$330,573 down from last month’s
$371,875 and down from last year by 25.7%.
Price Per Square Foot - $280.38, up slightly from last month’s $271.05, and down 9.6% from last year.
The Market Index decrease reflects the continuing decline in the Absorption Rate with two month’s of inventory available.
For buyers –Slim pickings means multiple offers on properties that are priced right, and low-ball offers are not likely to see a response.
For sellers – The lack of quality inventory is in your favor. Maximize your profit by taking advantage of our Highest Price Analysis and learn how to make the most when you sell.
Keith Sorem DRE# 01374635
Glendale Realtor of the Year 2009Data from Itech MLS has not been verified, is not guaranteed, and is subject to change