Real Estate Market Index Report for Glendale, CA May 2009

Real Estate Market Report

Glendale, CA May , 2009

Market Index

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 made the biggest jump in the past 12 months to 0.50, up 14 points.

New Listings -86 new listings this month, compared to 85 last month, versus 103 a year ago.

New Pending Listings - 66 listings entered escrow, compared to 58 last month, and 47 in 2008.

Pending Ratio -0.77, up 9 points from 0.68, last month 0.72, and a year ago it was 0.46.

Listing Inventory - 259 listings, down slightly from 285 last month. In 2008 we had 402 listings.

Sold Listings - 63 homes sold, compared to 45 last month and 86 last year.

Absorption Rate -4.1 months, down from 6.3 months last month. A year ago it was 4.7 months.

Average Sale Price - $481,625, down from last month's $507,316 down 16.2% from last year.

Price Per Square Foot - $326.75, down from $327.90 last month, and down only 8.8% compared to last year.

Conclusions

The Absorption Rate (if home sales continued at the present rate the number of months it would take to consume the current listing inventory) continues to drop. 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.

For sellers - preparing your home for sale is the key to getting the best price.

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

For a consultation or questions feel free to call.