Glendale, CA

1677 Country Club Dr Glendale CA 91208 2bd, 2bth, BOM! Property fell out of escrow at no fault of seller. $539,900! http://tinyurl.com/kwtt32

Real Estate Market Report

Glendale, CA July , 2009

Market Index- 0.57

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 3 points from last month and is at to 0.60.

New Listings - 74 new listings this month, compared to 56 last month and 80 a year ago.

New Pending Listings - 57 listings entered escrow, compared to 66 last month, and 38 in 2008.

Pending Ratio -0.77, down from 1.02, last month. A year ago it was 0.48.

Listing Inventory - 212 listings, up from 199 last month. In 2008 we had 351 listings.

Sold Listings - 63 homes sold, equal to 63 last month and 57 last year.

Absorption Rate -3.4 months, up slightly from 3.2 months last month. A year ago it was 5.4 months.

Average Sale Price - $538,348 down from last month's $610,729 and down 18.1% from last year.

Price Per Square Foot - $320.83, down from $329.41 last month, and down 8.8% 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.

Multiple offers and appraisal issues are becoming more common.

For sellers - preparing your home for sale is the key to getting the best price. Ask for our Highest Price Home Audit to learn how to maximize your profit when you sell.

Keith Sorem Realtor DRE #01374635

Data from iTech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.

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

What about that? This week in Glendale a story evolved on a house for sale. It was listed for 449,900. 3 bedroom 2 bath. So many people came that they had to wait to go through the house during viewing times (The agent had to guard that the cats did not get out) They asked for sealed bids there were getting to be so many. They had never in 30 years seen this reaction on a house.

There were 28 offers. 10 were over 500K and the highest offer was 550K. 27 dissapointed buyers. 27 people and counting are really really upset over trying to buy a house right now. Hearts broken.

This was not a trick or agent manipulation. There were few comps sold in the area.

This was not a short sale or bank owned.

It was nice, cute, it had wood floors and so much potential. It was lovely.

Also, it needed work, the yard (big) was mostly dirt and rocks. It had not been painted in a long time,

How many buyers thought of all they could do...if only they could get...this one.

Buyers are buying...if they can get one.

I recently read "Fast Food Nation" (I know, I'm behind the times) and I had an epiphany. I am trying to stop buying from Fast Food companies and other large corporations that offer a low price at the expense of our health and the welfare of their employees. I am now trying to do most of my shopping locally!

This is easy with things like produce. I live in Southern California where there's a farmers market somewhere every single day with amazing, fresh, local produce; but there are other items that are such a habit, they are harder to change.

I usually use Ralphs Supermarket to cater my lunches at Real Estate Offices. (for those of you, not familiar with Ralphs, it's like a Safeway Store such as Von's, Pavilions, Jewel-Osco, etc.) I recently decided to cater from a nearby family bakery called Porto's. They have 2 locations in So-Cal and are opening another. Not only was the price comparable but everybody at the presentation I gave was raving about how wonderful everything was AND I felt great because I had put my dollars back into our local economy!

I have now started searching for other local places to cater and found that many small restaurants will do this for a great price. I plan on using my local Thai place for catering next week!

Here's a link to the Wikipedia Page for Fast Food Nation (A superbly written call-to-action by Eric Schlosser)

Here's a link to Porto's Bakery (If you live in LA and you have never been there, I suggest that you give it a try. You WON'T be disappointed!)

I spend this money every week out of my marketing budget to bring breakfast, lunch, etc. to real estate offices and now I am doing my job while still supporting my local economy!