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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report La Canada Flintridge, CA November 2009

Real Estate Market Report

La Cañada Flintridge, CA                                     November, 2009

La Cañada Flintridge is continuing to retain the unique privilege of having one of the lowest Market Activity Indexes, moving down from number 6 to number 2 from the bottom.  Prices appear to have resumed a downward trend, so if you are interested in buying, this would be a great time. 

 

Market Index 0.35, down 3 points.

The Market Index is at 0.35 down 0.03 from last month’s 0.38 and up .19 from last year’s 0.16. 

 

New Listings – 17, down from 20 last month and last year’s 16.

 

Pending Listings – 9 listings opened escrow, down from 10 last month.  Last year 4 properties entered escrow. 

 

Pending Ratio – At 0.53, up slightly from 0.50 last month.   A year ago it was 0.31.  

Listing Inventory – 63 properties were on the market, down from 72 homes last month and down from 87 last year. Inventory continues to decline.            

Sold Listings – 17 homes sold, down from 23 last month.  Last year 11 homes sold. 

 

Absorption Rate – 4.5 months up from last month’s rate of 4.2 months. In 2008 it was 8.7 months.

 

Average Sales Price - $1,143,020, down from last month’s $1,322,441 and down 7.2% from last year.

 

Price per square foot – $457.03, down from last month’s $464.83 and down 10.7% to last year.

 

Conclusions

The Market Activity Index continues to decline, perhaps aided by the lack of competitive financing for loans above $729,750.  

 

For buyers – Beware of strong competition for “good deals”.  Appraisal issues continue to cause problems and lengthen escrow time for transactions.  Hint: listings that have longer market times (over 60 days) are probably inclined to accept a lower offer, averaging around 10% less than list.

 

For sellers – Selling property is not the key problem, rather marketing and preparing your property to maximize the sale price and minimize negotiating to result in a successful close of escrow.  Offer buyers “extras”, such as picking up the sewer bond, might be helpful.  Appraisals can cause headaches as the market turns.

Keith Sorem DRE#01374635

Glendale Realtor of the Year 2009

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

 

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