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Health & Fitness

What Will We Have to Show our Chatsworth Buyers This Spring?

With only two months worth of inventory, how will buyers be able to make the move to Chatsworth this spring?

Today I had the privilege of preparing a Broker's Market Analysis for a Chatsworth family who is being moved out of state by their employer. The relocation company that is handling the details of the move requires a detailed report on the current Chatsworth real estate market. I thought that our Chatsworth.Patch readers would appreciate knowing some of the details as it definitely impacts our spring and summer selling season.

As of March 20th, there are only 67 single family residences for sale in all of Chatsworth.  In the last 30 days, 31 Chatsworth properties have gone into escrow. If we divide 67 (the number of current listings) by 31 (the number of houses sold), then we see that we have approximately two months' inventory. That means that if no other houses came on the market then we would sell off our current inventory in approximately 60 days.

In a neutral market that favors neither seller nor buyer, we would have a six month supply of inventory.  In our current scenario, we see that the scales have definitely tipped in favor of the seller for the first time since the fall of 2007.

Find out what's happening in Northridge-Chatsworthwith free, real-time updates from Patch.

So how does this bode for our spring and summer season? We definitely need more inventory. And buyers are certainly ready to make good offers if the property is priced appropriately.  While the average number of days on the market is still around 90 days, my last seven listings have sold in 39 days time, a reflection of the pent up demand for well priced properties.

Also, the number of distress sales is dropping.  Six months ago, the average number of short sales in Chatsworth accounted for 44% of the available inventory.  That number has now dropped to 24%.  The REO or foreclosure listings in Chatsworth have remained constant at approximately 10% of the active listings. This decrease in distress sales will help the standard sellers who have equity in their homes.

Find out what's happening in Northridge-Chatsworthwith free, real-time updates from Patch.

If you have any questions about the Chatsworth real estate market, call me at 818-262-6778 or visit www.RodneyJohnson.com

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