July Closed Sale - 124 Properties Found
	Bedrooms	Baths	Square Feet	List Price	LP/SqFt	Sale Price	SP/SqFt	SP/LP	SP/OLP	DOM
Min	1	1	655	$279,000	$179.96	$260,000	$174.00	81.00%	69.00%	0
Avg	2.7	2.25	1514	$542,060	$366.82	$528,557	$358.51	97.00%	93.00%	71
Max	5	5	3089	$1,349,000	$581.25	$1,200,000	$581.25	145.00%	145.00%	301

 

 

Month to month average sale price is down $45,281, year over year, average sale prices are down by $150,000 or 22.83%.

Average days on market, year over year are up 27 days.

Number of sales is up 16%.

 

These numbers are reflecting several factors……

• Year over year, you have many more short sales and REO or bank owned properties on the market.

• For comparable properties the bank owned properties tend to be priced lower than the short sales or regular sales reflecting the fact that the bank owned properties need more repairs.

• The fact that days on market are longer makes sense when you consider that negotiations tend to take much longer with short sales and bank owned properties.

• Sales are up because prices are becoming more affordable and buyers are seeing good deals.
  

Qualified buyers are out there as I’m seeing multiple offer situations on well priced properties.   This is all a function of market stabilization.  While I'm not sure that we've hit bottom I think we're close.  We won't really know until we look back a year from now.

For more information, check out  Burbank Foreclosures and Short Sales or  Burbank Real Estate Expert.

TOLUCA LAKE HOME SALES REPORT
Beginning Date: 7/1/2008	Board Number: All	Ending Date: 7/31/2008
City:Toluca Lake	Area: All	Price Range: $0 - ALL

Single Family Sales - Residential					Other Statistics
Price Class	Bedrooms
	2 OR Less	3	4 Or More		Condo Sold	Residential Active	Condo Active
$0 - $99,999	0	0	0		0	0	0
$100,000 - $149,999	0	0	0		0	0	0
$150,000 - $199,999	0	0	0		0	0	0
$200,000 - $249,999	0	0	0		0	0	0
$250,000 - $299,999	0	0	0		0	0	3
$300,000 - $324,999	0	0	0		0	0	0
$325,000 - $349,999	0	0	0		0	0	2
$350,000 - $374,999	0	0	0		0	0	0
$375,000 - $399,999	0	0	0		1	0	3
$400,000 - $424,999	0	0	0		0	0	0
$425,000 - $449,999	0	0	0		0	0	3
$450,000 - $474,999	0	0	0		0	0	3
$475,000 - $499,999	0	0	0		1	0	7
$500,000 - $549,999	0	0	0		0	0	5
$550,000 - $599,999	0	0	0		0	1	12
$600,000 - $649,999	1	0	0		1	0	2
$650,000 - $699,999	0	0	0		0	0	2
$700,000 - $749,999	0	0	0		0	2	0
$750,000 - $799,999	1	0	0		0	3	1
$800,000 - $999,999	0	0	0		0	5	0
$1,000,000 - $1,999,999	0	0	0		0	16	0
$2,000,000 and over	0	0	0		0	8	0
Totals	2	0	0		3	35	43
Average Price	685	0	0		491.3	1947.7	513
(In Thousands $)
Median Price	620	0	0		479	1425	509
(In Thousands $)
	Time on Market UNITS 1-30 Days 1 31-60 Days 0 61-90 Days 0 91-120 Days 1 121-180 Days 2 More than 180 Days 1 Total Units Sold 5 Average Market Time 124.6				Types of Financing UNITS AITD 0 ASSM 0 CONV 5 CASH 0 FHA 0 CAL 0 LANDC 0 OTH 0 OWN 0 PRVT 0 TRUST 0 VA 0 NO FINANCING REPORTED 0 TOTAL 5

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The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

VALLEY VILLAGE HOME SALES REPORT
Beginning Date: 7/1/08	Board Number: All	Ending Date: 7/31/08
City: Valley Village	Area: All	Price Range: $0 - ALL

Single Family Sales - Residential					Other Statistics
Price Class	Bedrooms
	2 OR Less	3	4 Or More		Condo Sold	Residential Active	Condo Active
$0 - $99,999	0	0	0		0	0	0
$100,000 - $149,999	0	0	0		0	0	0
$150,000 - $199,999	0	0	0		0	0	1
$200,000 - $249,999	0	0	0		0	0	1
$250,000 - $299,999	0	0	0		1	0	5
$300,000 - $324,999	0	0	0		1	0	2
$325,000 - $349,999	0	0	0		0	0	2
$350,000 - $374,999	0	1	0		0	0	1
$375,000 - $399,999	0	0	0		1	0	4
$400,000 - $424,999	0	0	0		0	0	1
$425,000 - $449,999	0	0	0		0	1	4
$450,000 - $474,999	0	0	0		0	1	2
$475,000 - $499,999	1	1	0		0	3	4
$500,000 - $549,999	0	0	0		0	3	2
$550,000 - $599,999	0	0	0		0	9	4
$600,000 - $649,999	0	1	0		0	9	4
$650,000 - $699,999	1	0	1		0	7	5
$700,000 - $749,999	0	1	0		0	5	0
$750,000 - $799,999	0	1	1		0	6	0
$800,000 - $999,999	0	1	2		0	9	0
$1,000,000 - $1,999,999	0	0	1		0	11	0
$2,000,000 and over	0	0	0		0	0	0
Totals	2	6	5		3	64	42
Average Price	567.5	635.6	850.2		325	790.5	463.2
(In Thousands $)
Median Price	475	610	800		315	699	469
(In Thousands $)
	Time on Market UNITS 1-30 Days 6 31-60 Days 3 61-90 Days 3 91-120 Days 2 121-180 Days 2 More than 180 Days 0 Total Units Sold 16 Average Market Time 59.8				Types of Financing UNITS AITD 0 ASSM 0 CONV 13 CASH 2 FHA 1 CAL 0 LANDC 0 OTH 0 OWN 0 PRVT 0 TRUST 0 VA 0 NO FINANCING REPORTED 0 TOTAL 16

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The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

BURBANK HOME SALES REPORT
Beginning Date: 7/1/08	Board Number: All	Ending Date: 7/31/08
City:Burbank	Area: All	Price Range: $0 - ALL

Single Family Sales - Residential					Other Statistics
Price Class	Bedrooms
	2 OR Less	3	4 Or More		Condo Sold	Residential Active	Condo Active
$0 - $99,999	0	0	0		0	0	0
$100,000 - $149,999	0	0	0		0	0	0
$150,000 - $199,999	0	0	0		0	0	1
$200,000 - $249,999	0	0	0		0	0	0
$250,000 - $299,999	1	0	0		1	0	6
$300,000 - $324,999	0	0	0		3	1	2
$325,000 - $349,999	1	0	0		0	0	5
$350,000 - $374,999	1	0	0		3	2	5
$375,000 - $399,999	0	1	0		4	4	11
$400,000 - $424,999	0	0	0		0	3	4
$425,000 - $449,999	0	1	1		8	10	9
$450,000 - $474,999	1	1	0		4	5	7
$475,000 - $499,999	3	3	0		3	18	9
$500,000 - $549,999	2	1	1		5	22	3
$550,000 - $599,999	3	2	1		1	18	9
$600,000 - $649,999	0	5	1		0	15	8
$650,000 - $699,999	1	2	1		0	24	3
$700,000 - $749,999	0	2	0		0	17	1
$750,000 - $799,999	0	1	0		0	22	0
$800,000 - $999,999	0	1	0		0	19	0
$1,000,000 - $1,999,999	0	0	0		0	29	1
$2,000,000 and over	0	0	0		0	2	0
Totals	13	20	5		32	211	84
Average Price	487.7	600.9	565		431.9	757.8	469.2
(In Thousands $)
Median Price	500	600	550		435	679	449
(In Thousands $)
	Time on Market UNITS 1-30 Days 25 31-60 Days 15 61-90 Days 6 91-120 Days 7 121-180 Days 8 More than 180 Days 9 Total Units Sold 70 Average Market Time 82.8				Types of Financing UNITS AITD 1 ASSM 0 CONV 59 CASH 4 FHA 5 CAL 0 LANDC 0 OTH 1 OWN 0 PRVT 0 TRUST 0 VA 0 NO FINANCING REPORTED 0 TOTAL 70

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S The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Disclaimer. Fair Housing Notice. Map Disclaimer.

Of Note:

• Consumer Confidence-came in at 51.9 Higher than last month, but still showing lots of pessimism and reduced spending plans.

• MBA Purchase Applications came in at 309.5 indicating continued weakness in the housing market.

• Jobless Claims , came in higher at 448k.

• GDP-final was revised up to 1% basically indicating that we’ve dodged a recession……hope they are right.

 

• Bonds…2 year 2.49%, 5 yr. 3.21% and the 10 yr. 3.93%.

• Crude oil closed at $125.10 per barrel.

The overall theme for last week is that while you can argue the exact definition of what a recession is....it's clear the economy is stalled. Non-farm payrolls declined by 51K jobs and the unemployment rate moved up to 5.7%. While the non-farm payroll number was better than expected, General Motors reported a huge loss, that and other negative auto news contributed to a negative day. Lots of information due out next week including the FOMC Announcement!

The Economic Week Ahead:

• Challenger Job Cut Report, Personal Income and Outlays(Monday)

• FOMC Announcement, ISM Non-Manufacturing Index, Motor Vehicle Sales(Tuesday)

• MBA Purchase Applications (Wednesday)

• Jobless Claims, Pending Homes Index Bank of England (BOE) Announcement , Chain Store Sales, ECB Announcement- Interest Rate policy issued by European Central Bank, Consumer Credit, Chain Store Sales(Thursday)

• Productivity and Costs(Friday)