Calabasas Real Estate Numbers for February 2008

March 3rd, 2008 Categories: Calabasas RE Statistics

There were thirteen closed escrows in Calabasas during February 2008 with an average sale price of $1,745,692. Currently there are 174 homes on the market and an additional 28 with open escrows. If you take a good look at this chart you’ll see that the upper end is moving rather well.

This brisk movement in the upper end is an indication that the rich are getting richer because they are seizing the buyers market opportunity. I have had more buyers in the $2,000,000 and up range contact me since the beginning of the year than I did all of last year. This is any indication that the smart money is on buy now and don’t wait until its to late.

Address	Bd	Bth	Sty	Gar	SqFt	Yr Blt	Price	DOM
23814 Mulholland Hwy	2	2	1	2 D	920	1987	$315,000	10
26311 W Plata Ln	3	3	3	2 A	1,344	1981	$420,000	135
23643 Park Capri 40	3	2	1	2	1,290	1972	$425,000	9
26967 Calamine Dr	4	3	2	2 A	2,322	1979	$710,000	76
3604 Adamsville Ave	4	2.5	1	3 A	2,116	1973	$940,000	180
24525 W Via Esquina	3	2.5	2	2	1,943	1989	$900,000	55
23145 Park Contessa	2	2	1	2	1,940	1969	$1,035,000	9
25659 Whittemore Dr	3	3	S	2 A	1,851	1984	$1,000,000	85
3631 Deauvilla Ct	5	4	2	3 A	3,530	1991	$1,385,000	102
3940 Prado Del Maiz	4	5.5	2	3 A	4,611	2005	$2,065,000	25
25281 Prado Del Grandioso	4	4.5	1	3	5,323	2005	$3,600,000	45
4215 Vicasa Dr	7	9	2	4	10,204	1997	$4,000,000	22
25335 Prado De Los Suenos	4	4	1	4	7,950	2007	$5,899,000	39

There are several spectacular homes for sale in Mountain View, Mountain Park and The Oaks right now. I have been showing several buyers homes in these neighborhoods and the inventory is gorgeous and prices unbelievable. I have seen homes in both Mountain View and Mountain Park for significantly less than $400 a square foot that are updated with pools and views last month. Just a year ago, if you did find a home in one of these neighborhoods for this price it would have needed major work. Homes in The Oaks are selling well with most listed for significantly over $550 a square foot.

Please call me at (818) 652-2937 and I will be happy to share my viewing notes with you. I also track home prices by neighborhood and find that this helps clients make accurate decisions when buying or selling a home in Calabasas. If you would like more detailed information on selling your Calabasas home and moving up please call me for a detailed report.

Share This

Spoken by Tracey | Discussion: No Comments »

Calabasas Real Estate Numbers for January 2008

February 11th, 2008 Categories: Calabasas RE Statistics, Home Selling in Calabasas

January 2008 wasnt such a great month for Calabasas real estate. But dont panic when you look at these numbers, its not as bad as it looks at first glance. As I type this article there are 176 homes on the market in Calabasas. This translates into about an eleven months supply of inventory. Its a buyers market for sure! Although the average price dropped about 20% compared to last Januarys prices it looks like Februarys numbers will be better. There are currently 19 properties in escrow and several of these are over $2,000,000.

	Jan. 2006	Jan. 2007	Jan. 2008	# Change from 2007	% Change from 2007
Closed Escrows	27	26	16	-10	38.462 %
Avg. Sale Price	$1,302,620	$1,366,307	$1,086,820	-279,487	20.456 %

The rain has finally stopped and buyers are out in full force. I have been swamped by buyer calls ready to buy, and theyre looking for “deals”. My open houses have seen much more traffic and the skuttle butt among most agents is that they are busy too. I have also had several smart move up buyers list their homes because they understand that if they take a 10 or 15% hit on the sell side, theyll make it up plus on the buy side. I agree with this thinking and Im encouraging buyers in a good financial position not to wait to move up. Its possible now to buy a home in Calabasas Park Estates, Mont Calabasas or even The Oaks for under $2,000,000. Just six months ago this would have been almost impossible.

The good news is if you are a first time home buyer and you want to live in Calabasas you can finally buy a home for under a million dollars. There are several homes in the Mulwood section of Calabasas that are listed in the $700,000 to $800,000 range. This is a wonderful neighborhood and is within walking distance to the elementary, middle and high school. There are even a few bank owned properties. If youre interested in a condo there are several on the market from just under $400,000 to slightly over $500,000. Many of these are within walking distance of the Calabasas Commons.

If you are thinking about selling your home and moving up in Calabasas and want to know how this market will affect your move, call me for an in depth analysis of your sell and buy numbers. Ill help you determine if this is the right time to move up or stay put.

Address	Bd	Bth	Sty	Gar	SqFt	Yr Blt	Price	DOM
4201 Las Virgenes Rd 104	2	2	1	2	862	1992	$360,000	112
23401 Park Sorrento 27	2	2	S	2	1,011	1973	$380,000	129
4612 Park Granada 55	3	2	1	2	1,326	1972	$410,000	95
26124 Roymor Dr	4	1.75	1	2 A	1,781	1964	$590,000	22
4339 Oak Glen St	3	2.5	2	2 A	1,594	1988	$595,000	153
26033 Adamor Rd	4	2	1	2 A	2,175	1965	$690,000	28
3747 Eddingham Ave	3	2	1	2 A	1,674	1971	$750,000	13
3424 Stoneridge Ct	3	2.5	2	2 A	2,499	1990	$765,000	30
4212 Park Verdi	4	2.75	2	3 A	3,075	1989	$1,179,000	115
23262 Park Corniche	4	3.5	2	3	2,995	1989	$1,350,000	153
26939 Alsace Dr	4	3.5	1	3 A	4,043	2003	$1,615,000	77
3975 Prado Del Trigo	3	3.5	2	3 A	3,554	2005	$1,800,000	130
23306 Park Hacienda	5	5	2	3 A	3,850	1978	$1,890,000	72
3960 Prado De Las Frutaas	4	3.5	2	3 A	4,130	2005	$2,160,000	95
5497 Amber Cir	6	6.5	2	3 A	6,610	1994	$2,500,000	60
4282 Prado De Los Ciervos	5	8	2	3 A	5,778	2002	$2,915,000	82

Share This

Spoken by Tracey | Discussion: 3 Comments »

2007 Year End Number of Homes Sold Report for Calabasas, CA

January 24th, 2008 Categories: Calabasas RE Statistics, In The News Calabasas

Total number of home sales down 13% in 2007.

There were a total of 293 homes sold in Calabasas, CA during 2007, down 44 (13%) from the 2006 total of 337. Take a good look at the chart above, you can see that home sales were in line with 2006 figures until September. The time from escrow opened to actual close is usually 30-45 days, we can assume that the slow down in sales was actually two months earlier or July and coincides with the mortgage melt down. September, October, November and December were significantly lower in number of sales.

Its a Buyers market - with 9 months of Calabasas homes inventory.

As I write this post there are 172 active properties on the market in Calabasas. The absorption rate (average number of sales per month) is approximately 19* sales per month. This means that we have a nine month supply of homes on the market right now. Six months of inventory is considered a neutral market. Nine months would be considered a buyers market.

January and February will experience similar closed sales (approximately 20)

There are 15 Calabasas homes in escrow right now. These transactions would most likely close within the next 30 to 60 days. It appears that January and February will experience a similar number of home sales (approximately 19 or 20 each month).

The Outlook is for a moderate Spring and Summer 2008.

Move Up Buyers should start planning their move.

Home sales usually increase during the Spring and Summer and 2008 should be no different. Interest rates are lower than ever and buyers that are in solid financial shape will have no problem obtaining a mortgage. Smart move up buyers should seize this opportunity to sell their homes and move up to a larger and more luxurious home this Spring and Summer. This is the time to act if you are moving within Calabasas and are selling a lesser price home to move up. Whatever price concession you make on your current smaller home will be gained plus more on a bigger more expensive home.

First time home buyers with solid resources are encouraged to buy now.

First time home buyers that were priced out of the market before can now afford Calabasas. There are several condos listed in the $350,000 to $600,000 range and single family homes in the $650,000 and up range. There are a few bank owned properties and short pays that make this the perfect time if youve been trying to move in to Calabasas but thought the prices were too high.

If you would like more information on Calabasas and the market conditions or how these numbers will effect you and your home purchase or sale, please call Tracey Thomas at (818) 652-2937.

*The absorption rate was calculated by taking the total number of sales for July through December (116) and dividing by 6 months. (Six months = July, August, September, October, November and December)

Share This

Spoken by Tracey | Discussion: No Comments »

Calabasas September 2007 Real Estate Sales Figures

October 1st, 2007 Categories: Calabasas RE Statistics, In The News Calabasas

Listing your house and crossing your fingers was not enough to sell a house in Calabasas during September.

Fourteen escrows closed in Calabasas during September. This is a 39% decrease in numbers of closed escrows from September 2006. The average price of a home decreased slightly, 6.4% to $1,170,000. Its important to note that because the sample size is so low that even one more $2,000,000 sale would have skewed the average price dramatically.

In addition to publishing the overall sales for September, this month Ive also included a breakdown of each sale. Its important to note that all but one of these homes took a price reduction at least once during its time on the market, many of these homes had to lower the price several times. There are 248 homes on the market in Calabasas as I write this article and 25 homes with an open escrow. Buyers have many homes to choose from and are price savvy. Although interest rates are low, it is much more difficult to qualify for a mortgage now than it was just six months ago.

Although Calabasas Real Estate experienced a slight decrease in overall price, compared to the rest of the San Fernando Valley we are doing well. Stay tuned for my article “Chasing The Market Down” which explains how to price your home correctly in todays real estate market.

If you are interested in selling your home in Calabasas, please call me to see where your home fits in. if you are thinking about buying a home in Calabasas call me to find out which homes may be flexible in their pricing and ripe for a price reduction.

	Sept. 2005	Sept. 2006	Sept. 2007	# Change from 2006	% Change from 2006
Closed Escrows	29	23	14	-9	-39%
Avg. Sale Price	1,395,603	1,250,017	1,170,000	-$80,017	-6.4%

September 2007 Home Sales

	Address	Bed	Bath	Story	Garage	Sq. Foot	Yr. Built	Price	DOM
CONDO	4610 Park Granada 3	2	2	1	2	1,054	1972	$415,000	69
CONDO	26240 Alizia Canyon Dr	2	1	1	2 D	1,091	1965	$449,500	4
CONDO	4240 S LOST HILLS ROAD	2	2.5	2	2 A	1,385	1988	$516,000	113
SFR	3420 Stoneridge Ct 16	3	3	2	3	2,499	1990	$840,000	28
SFR	588 Cold Canyon	2	1	1	2	1,120	1936	$849,000	37
SFR	23034 Park Dulce	3	3	2	3	2,864	1987	$850,000	74
SFR	3418 Dorothy Rd	3	2.5	3	2 D	2,212	1992	$899,000	140
SFR	24771 Calle Serranona	4	3	2	3 A	2,446	1988	$1,075,000	7
SFR	24743 Calle Altamira	4	3	2	2 A	2,681	1989	$1,100,000	147
SFR	3752 Camino Codorniz	5	5	2	3	3,307	1989	$1,485,000	113
SFR	4500 Park Serena	4	4.5	2	2 A	3,981	1980	$1,501,500	32
SFR	23278 Park Basilico	5	4.5	2	3 A	3,788	1989	$1,510,000	128
SFR	5851 SLOAN PL	5	4.5	2	3 A	4,597	1996	$1,950,000	304
SFR	25551 Prado De Las Flores	5	5.5	1	2 A	5,296	2005	$2,940,000	150

Share This

Spoken by Tracey | Discussion: 7 Comments »

August 2007 Calabasas Real Estate Sales Statistics

September 20th, 2007 Categories: Calabasas RE Statistics

	Aug. 2005	Aug. 2006	Aug. 2007	# Change from 2006	% Change from 2006
Closed Escrows	44	31	32	+1	+3.23%
Avg. Sale Price	1,195,782	1,144,048	1,638,600	+494,552	+43.23%

There are approximately 250 homes on the market in Calabasas as I write this article (about 100 more than were on the market the same time last year). Thirty two homes closed escrow in August with an average days on the market of 64, compared to 46 days on the market in August 2006.

If you take a look at the MLS right now, many of the homes for sale have been on the market for 100 days and some even more. There were very few price reductions on the homes that did sell. These 32 homes sold at 95.10% of their list price. This is very important information. The translation here is that it is criticl to price your home right from the very first day that it is listed. If the price is too high on day one, you will end up lowering the price and chase the market down, or the house will not sell at all.

This is great news for buyers right now. Interest rates are extremely low and there is a huge selection of homes to choose from. Many of the houses on the market have been sitting for months and there may be room to negotiate the price depending on the seller’s motivation to sell. Not every house that is listed right now is actually listed by a motivated seller so be prepared to submit several offers until you find a seller that is motivated.

The trick is to determine which seller wants to sell their home and who is just sticking their toe in the waters. I scrub the MLS with the NOD (notice of default) list weekly to see which homeowners may be having difficulty paying their mortgage payments. If you are a serious buyer looking to buy a home in Calabasas, please call or email me for more information.

If you live in Calabasas now, and would like to move up, now is the time. If you’ve always wanted to live in Calabasas, this is the perfect opportunity to make the move. Please call me and we’ll work out the numbers together.

Now is a great time to buy a home in Calabasas.