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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Report Northeast Los Angeles, CA October 2009

Real Estate Market Report

Northeast Los Angeles             October, 2009

Atwater Village, Eagle Rock, Glassell Park, Highland Park, and Mount Washington

 

The Market Activity Index increased, only outpaced by one other area, 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 - 0.79 – up 4 points.

A market index of above 1.20 is a seller’s market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer’s market.

 

The Market Index went up to 0.79, versus 0.75 last month.  Last year is was 0.23.

 

New Listings – 44 properties hit the market, down slightly from 46 last month, versus 39 last year.

 

Pending Listings – 43 listings opened escrow, down from 52 last month, up from 23 in October of 2008.

 

Pending Ratio – 0.98, down from 1.13 last month, versus 0.59 last year. 

 

Listing Inventory – 135 listings on the market, down from 140 last month, last year was 222. Inventory continues to decline.  

  

Units Sold – 64 properties sold, up from last month’s 53.  Last year 29 homes sold.

 

Absorption rate – 2.1 months, last month was 2.6 and last year it was 5.7 months.  Note: A six-month supply is considered a balanced market.

 

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Average Sale Price -$371,875 down from last month’s $403,371 and down from last year by 3.1%.    

 

Price Per Square Foot - $271.05, down from last month’s $319.63, and down 14.3% from last year. 

 

Conclusions

The Market Index increase 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 .

For more information call Keith at 1-888-284-2056 or
www.BeautifulVerdugoHomes.com

Keith Sorem, Realtor  DRE #01374365




 

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




 

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