Real Estate Market Report
Glendale, CA October , 2009
Glendale has a Market Activity Index of 0.62, making it an overall good place to buy. Sales are up and inventory continues to decline, resulting in some properties selling over asking price with multiple offers. The best deals sell quickly, leaving over-priced homes to sit on the market. Overall homes values appear to have bottomed out.
Market Index- 0.62 - no change from last month.
The Market Index is at 0.62, equal to last month and compared to 0.35 a year ago, still an improvement.
New Listings - 64 new listings this month, compared to 77 last month and 88 a year ago.
New Pending Listings - 58 listings entered escrow, compared to 67 last month, and 42 in 2008.
Pending Ratio -0.91, up from 0.87, last month. A year ago it was 0.48.
Listing Inventory - 204 listings, down from 211 last month. In 2008 we had 324 listings.
Sold Listings - 68 homes sold, up from 63 last month and 70 last year.
Absorption Rate -3.0 months, down slightly from 3.3 months last month. A year ago it was 4.7 months.
Average Sale Price - $476,665 down from last month's $541,439 and down 25.3% from last year. The big drop is due to fewer large homes selling.
Price Per Square Foot - $316.06, down from $320.95 last month, and down 9.5% compared to last year.
The Market Activity Index demonstrates opposing factors - fewer new listings, more listings entering escrow and then selling, resulting in a low listing inventory. We hear about a "wave of foreclosed properties" coming on the market, but see little evidence. Less inventory means higher prices, sooner or later.
For buyers -Fewer homes on the market means multiple offers on properties that are priced right, and low-ball offers are likely to be ignored by sellers.
For sellers - The lack of quality inventory is in your favor. Maximize your profit by taking advantage of our Highest Price Analysis and learn how to make the most when you sell.
For more information call Keith at 1-888-284-2056 or www.BeautifulVerdugoHomes.com
Keith Sorem, Realtor DRE #01374635
Data from i-Tech and SRAR MLS has not been verified, is not guaranteed, and is subject to change