Real Estate Market Index Report for Glendale, CA June 2009

Real Estate Market Report

Glendale, CA            June , 2009

Market Index- 0.60, up another 10 points.

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 continues to increase and is at to 0.60, up another 10 points.

New Listings - 56 new listings this month, compared to 86 last month and 86 a year ago.

New Pending Listings - 57 listings entered escrow, compared to 66 last month, and 45 in 2008.

Pending Ratio -1.02, up 25 points from  0.77,  last month. A year ago it was 0.52. 

Listing Inventory - 199 listings, down from 259 last month. In 2008 we had 374 listings.

Sold Listings - 63 homes sold, equal to 63 last month and 62 last year. 

Absorption Rate -3.2 months, down from 4.1 months last month. A year ago it was 4.7months. 

Average Sale Price - $610,729 way up from last month's $481,625 but still down 8.1% from last year.  

Price Per Square Foot - $329.41, up from $326.75 last month, and down 9.1% 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.  Timing the market it not going to happen.  Unless something really strange happens you've missed it.

For sellers - preparing your home for sale is the key to getting the best price.  Proper preparation, cleaning, staging, decluttering, all make an impact on the final sale price for your home.  Ask for our Highest Price Home Audit.

Keith Sorem, Realtor DRE#01374635