Glendale, CA January , 2009
Market Index
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 from 0.39 to 0.26, compared to 0.16 last year.
New Listings - 92 new listings this month, compared to 42 last month, versus 150 a year ago.
New Pending Listings - 37 listings entered escrow, down from 42 last month, compared to 20 in 2008.
Pending Ratio -0.40, last month it was 1.01, compared to a year ago at 0.13.
Listing Inventory - 318 new listings, compated to 248 listings last month. In 2008 when there were 390 listings.
Sold Listings - 45, down from 55 homes sold last month, compared to 44 last year.
Average Sale Price - $521,939, declined from $550,635 last month, down 22.9% from last year,
Price Per Square Foot - $311.05, down from $336.99 and down 16.9% from 2008.
Conclusions
Echoing the rest of the economy Glendale slipped back a few months in terms of overall market activity, and prices are continuing to decline after some positive signs earlier in the fall.
Congress' ability to pass meaningful legislation will continue to put pressure on interest rates. In general,poorer economic conditions spell lower interest rates for buyers.
It is interesting that both listing inventory and sales are declining, so buyers will have fewer properties from which to choose.
For sellers having properly prepared and marketed properties is critical to sell for maximize price in this market.
Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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