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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report La Crescenta, CA December 2009

Real Estate Market Report

 
La Crescenta/Montrose/Glendale Annex           December, 2009

 

This area jumped to the highest Market Activity Index out of 22 areas. Driven by fewer new listings and more properties entering escrow, sold properties are increasing, driving down the listing inventory.  Oddly enough home prices are still trending downward; however expect higher home prices in the next few months. For those waiting for the bottom of the market, it may have arrived.

 

Market Activity Index – 0.89, jumped 19 points

The Market Index is at 0.89 UP 19 points from last months .70, a year ago it was 0.29.   

 

New Listings – 15 new listings, way down from 35 last month.  Last year there were 17.

 

Pending Listings – 17 listings entered escrow compared to 25 last month, and 11 last year.

 

Pending Ratio –1.13, up from 0.70 points last month.  Last year the ratio was 0.65.

 

Listing Inventory – 63 properties, down 17 from last month’s 80.  Last year we had 82 listings on the market. Inventory continues to be in short supply. 

 

Sold Listings – 39 listings sold, up from the 31 listings last month, and well above 13 the year before.   

 

Absorption Rate is 1.6 months compared to 2.6 last month and 6.3 months last year.  Note:  a balanced market is considered to be a three month supply of listings.

 

Average Sales Price - $554,994, down from last month’s $595.113 and down from last year’s $724,300 a 23.4% decrease. 

 

Price per square foot –$349.24, down from last month’s $352.14, and up from last year’s $338.30 for an increase of 3.2%.

 

Conclusions

Lenders are forecasting as much as a one point increase in interest rates in March as the Treasury Dept. concludes its purchases of mortgages with Stimulus money.

 

For buyers –Low-ball offers are likely to be ignored by sellers. To take advantage of the First Time Home Buyer Federal Tax Credit you must open escrow by April 30th. 

 

For sellers – Maximize your profit by taking advantage of our Highest Price Analysis and learn how to make the most when you sell.


Keith Sorem
Realator of the Year 2009
DRE#01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change

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