Local Housing Update:

Period 9-15-07 to 10-05-07        Average new listings/day          Average closed sales/day     # Pending Sales/day

Burbank                                                  3.8                                                                          .86                                        2.7

Toluca Lake                                             .43                                                                         .33                                        .48

Studio City                                            2.86                                                                         .48                                       1.81

Average listings per day were down from last period(8/31-9/14), Burbank was down by 24%, Toluca Lake by 41%, Studio City by 16%.

Average closed sales were down 63% in Burbank, down 70% in Studio City and no change in Toluca Lake.

Still lots of price reductions in each of the areas reflecting the challenges of finding qualified buyers and having proper  pricing metrics in place! 

Part of this downturn is a normal seasonal effect and part of it reflects the challenges in the mortgage marketplace.

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The statistics provided in this report are obtained from reliable sources, but are not guaranteed.