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City of Mission Hills, CA Community Guide

Market Update: 10-7-09

The Mission Hills market as a whole has been doing well this year, but the various market segments are performing quite differently. First-time buyers and investors are purchasing lower priced properties quickly, but high-end luxury properties are suffering. Here are the numbers for this year up to 10-7-09 for the market as a whole:

Attached (condos/townhomes) Listings:
Active: 63
Contingent*: 26
Pending: 42
Sold: 165
Avg sale price = $374,000 | median sale price = $350,000
23 condos currently listed over $1mil, but only 3 sold this year over $1mil
Current Months of inventory = 3.5 (this is quite low and indicates a seller's market)

Detached (homes) Listings:
Active: 75
Contingent*: 8
Pending: 35
Sold: 72
Avg sale price = $701,000 | median sale price = $625,000
27 homes currently listed over $1.3mil, but only 5 sold this year over $1.3mil
Highest sale = $1,625,000
Current Months of inventory = 9.6 (this is a little high and indicates a buyer's market)

* Contingent = a short-sale that has an accepted offer, but is hoping for bank approval.

I think the numbers speak for themselves, as always. The condo market is much more healthy because the average prices are lower and are much more appealing to first-time buyers, investors, and conservative spenders. The detached home market is doing ok in the lower price ranges, but once you get over $1mil, the market changes drastically.

We used to have homes selling over $1.4 million in Mission Hills on a regular basis. This year there have only been 2 sales. In 2008 there were 12 sales and in 2007 there were 19 sales. The luxury market is floundering and the only thing selling are must sell homes like foreclosures, short-sales, trust sales, etc. because seller's haven't come to grips with what the market of buyers are telling them - your home is overpriced.

What will the future hold for our market? Stay tuned for my next update....

Adam Pascu
Team 73 Degrees
info@adampascu.com
858-761-1707

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