Real Estate Market Index Report Glendale CA February, 2010

Real Estate Market Report

Glendale, CA                                                         February , 2010

At A Glance

The Market Activity Index decreased for the third month in a row, creating the perfect storm for buyers:  low interest rates (although projected to increase soon), more inventory, and prices dipping.  Remember that you need to open escrow by April 30^th and close by June 30^th, so for a short sale that could be a challenge.   To lock your rate you need an accepted offer.

Market Index- 0.43 - down 4 points.

The Market Index is at 0.43, down from 0.47 last month and up compared to 0.26 a year ago.

New Listings - 103 new listings this month, compared to 84 last month and 22 a year ago. Note that of the new listings only 6 are bank-owned and 16 are classified as short sales.

New Pending Listings - 56 listings entered escrow, compared to 44 last month, and 35 in 2009.

Pending Ratio - 0.54, down from 0.52, last month. A year ago it was 0.43.

Listing Inventory - 248 listings, down from 213 last month. In 2009 we had 314 listings.

Sold Listings - 50 homes sold, versus 56 last month and 46 last year. 

Months of Inventory - 5.0 months, up from 3.8 months last month. A year ago it was 6.8 months. 

Average Sale Price - $546,080 UP from last month's $540,167 and UP 12.5% from last year.  This is mainly due to more larger homes selling.

Price Per Square Foot - $301.70, down from $313.87 last month, and down, 2.7% compared to last year, due to more large homes being sold.

Recommendations

For buyers - More homes on the market means an opportunity to make conservative offers.  Find out if the seller really needs to sell.   I do not see any sign of a wave of foreclosures. In this month's new listings, only six REOs. 

For sellers - Now you have competition.  So how do you maximize your profit?  Take advantage of our Highest Price Analysis and learn how to make the most when you sell.  Learn how we make sure that the buyer with the winning offer is in fact qualified to buy and can successfully close escrow.

Keith Sorem

Glendale CA Realtor® of the Year 2009

DRE# 01374635

Data from i-Tech  MLS has not been verified, is not guaranteed, and is subject to change