Real Estate Market Report
Glendale, CA November , 2009
The Market Activity Index increased to 0.69. Sales are up and inventory continues to decline, resulting in some properties selling over asking price with multiple offers. Prices appear to be headed back up, and interest rates are still low, although expect an increase in March when the Treasury expends their stimulus dollars.
Market Index- 0.69 - up 7 points!
The Market Index is at 0.69, up from 0.62 last month and compared to 0.32 a year ago.`
New Listings - 52 new listings this month, compared to 64 last month and 53 a year ago.
New Pending Listings - 63 listings entered escrow, compared to 58 last month, and 42 in 2008.
Pending Ratio -1.21, up from 0.91, last month. A year ago it was 0.79.
Listing Inventory - 198 listings, down from 204 last month. In 2008 we had 295 listings.
Sold Listings - 73 homes sold, up from 68 last month and 50 last year.
Absorption Rate -2.7 months, down slightly from 3.0 months last month. A year ago it was 5.9 months.
Average Sale Price - $528,876 UP from last month's $476,665 and down 3.4% from last year. Due to larger homes selling.
Price Per Square Foot - $321.70, up from $316.06 last month, and down 8.4% 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.
Keith Sorem DRE#0137463
Glendale Realtor of the Year 2009
Data from i-Tech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.
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