Real Estate Market Report
Glendale, CA July , 2009
Market Index- 0.57
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index dropped 3 points from last month and is at to 0.60.
New Listings - 74 new listings this month, compared to 56 last month and 80 a year ago.
New Pending Listings - 57 listings entered escrow, compared to 66 last month, and 38 in 2008.
Pending Ratio -0.77, down from 1.02, last month. A year ago it was 0.48.
Listing Inventory - 212 listings, up from 199 last month. In 2008 we had 351 listings.
Sold Listings - 63 homes sold, equal to 63 last month and 57 last year.
Absorption Rate -3.4 months, up slightly from 3.2 months last month. A year ago it was 5.4 months.
Average Sale Price - $538,348 down from last month's $610,729 and down 18.1% from last year.
Price Per Square Foot - $320.83, down from $329.41 last month, and down 8.8% compared to last year.
Conclusions
The Market Index continues climb, unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to show signs of stabilizing.
The price per square foot has been increasing since February.
For buyers - this may be the bottom of the market.
Multiple offers and appraisal issues are becoming more common.
For sellers - preparing your home for sale is the key to getting the best price. Ask for our Highest Price Home Audit to learn how to maximize your profit when you sell.
Keith Sorem Realtor DRE #01374635
Data from iTech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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