Real Estate Market Report
La CaÃ±ada Flintridge, CA Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â November, 2009
La CaÃ±ada 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.Â Prices appear to have resumed a downward trend, so if you are interested in buying, this would be a great time.Â
Market Index 0.35, down 3 points.
The Market Index is at 0.35 down 0.03 from last monthâ€™s 0.38 and up .19 from last yearâ€™s 0.16.Â
New Listings â€“ 17, down from 20 last month and last yearâ€™s 16.
Pending Listings â€“ 9 listings opened escrow, down from 10 last month.Â Last year 4 properties entered escrow.Â
Pending Ratio â€“ At 0.53, up slightly from 0.50 last month.Â Â A year ago it was 0.31. Â
Listing Inventory â€“ 63 properties were on the market, down from 72 homes last month and down from 87 last year. Inventory continues to decline.Â Â Â Â Â Â Â Â Â Â Â
Sold Listings â€“ 17 homes sold, down from 23 last month.Â Last year 11 homes sold.Â
Absorption Rate â€“ 4.5 months up from last monthâ€™s rate of 4.2 months. In 2008 it was 8.7 months.
Average Sales Price - $1,143,020, down from last monthâ€™s $1,322,441 and down 7.2% from last year.
Price per square foot â€“ $457.03, down from last monthâ€™s $464.83 and down 10.7% to last year.
The Market Activity Index continues to decline, perhaps aided by the lack of competitive financing for loans above $729,750. Â
For buyers â€“ Beware of strong competition for â€œgood dealsâ€.Â Appraisal issues continue to cause problems and lengthen escrow time for transactions.Â 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 â€“ 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.Â Offer buyers â€œextrasâ€, such as picking up the sewer bond, might be helpful.Â 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.