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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report La Canada Flintridge CA January 2010

Real Estate Market Report

La Cañada Flintridge, CA               January, 2010

 

At A Glance

La Cañada Flintridge now has the lowest Market Activity Index of the areas I monitor.  Important points this month:  A big increase in new listings (not one is a distressed sale), a big drop in pending listings and sold listings, results in a large increase in listing inventory, driving prices down and listing times up. Interest rates are forecast to increase by as much as a full point in March, so now would be a great time to lock your rate.

 

Market Activity Index 0.17, down 24 points.


The Market Index is back to the same level as January 2009 – the largest one month drop in my records. 

 

New Listings – 24, up from 9 last month and about even from last year’s 25.  You might be interested to know that not one of the new listings is a distressed sale. 

 

Pending Listings – 4 listings opened escrow, down from 5 last month.  Last year 7 properties entered escrow. 

 

Pending Ratio – At 0.52, down slightly from 0.56 last month.   A year ago it was 0.28.  

Listing Inventory – 71 properties were on the market, down from 56 homes last month and down from 84 last year.

Sold Listings – 8 homes sold, up from 20 last month.  Last year 10 homes sold. 

 

Months of Inventory – 8.9 months, up from last month’s rate of 2.8 months. In 2009 it was 8.4 months.

 

Average Sales Price - $887,500, down from last month’s $1,099,813 and down 43.7% from last year.  Also, the gap between List Price and Sale Price is twice what it was a year ago.

 

Price per square foot – $391.14, down from last month’s $431.64 and down 28.5% to last year.

 

Recommendations

 

For buyers – Take advantage of the supply and get a good deal now. Find out if the seller really needs to sell.  Financing above the magic $729K ceiling is improving.

 

For sellers – Now you have real competition.  How do you sell your home and leave no money on the table?  Take advantage of our Highest Value Property Audit.  Call today for a no-obligation appointment

Keith Sorem

Glendale CA Realtor of the Year 2009

DRE# 01374635

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

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