Calabasas Good News

You know the old adage, “if it bleeds it leads”…this article isn’t about the lurid details of the housing downturn or more foreclosure news.  Today’s blog is actually a positive look at the facts.  Of the 8,615 housing units in Calabasas, only 2.2% are in some stage of foreclosure according to Dataquick.  This is well below the national average of 7%.

That’s right.  The overwhelming majority of homeowners in Calabasas are not losing their homes.  They either own their properties free and clear or are making their payments on time.

Unfortunately this doesn’t mean that Calabasas homeowners are not upside down on their mortgages.  Quite the contrary, people who purchased Calabasas homes in 2005, 2006 and 2007 with 10% or less down are upside down.  Plus homeowners that used their homes as an ATM machine and refinanced to take out cash are also underwater.  But luckily, a house is home and upside down or not, families will do whatever is necessary to keep their homes.

If you would like more information about buying or selling a Calabasas home, please call Tracey Thomas at 818-652-2937.

The excellent Las Virgenes School district plus the low percentage of foreclosures in Calabasas has helped Calabasas homeowners to hold on to their equity.

To get monthly Calabasas Real Estate reports sent to you please call me at (818) 652-2937 or email me at tracey@traceyrealtor.com.

Calabasas Real Estate Median Price

Calabasas Real Estate Median Home Price List

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.

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)

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.

September 2007 Home Sales