Glendale, CA Real Estate Market Report, Sept. 2008

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.

Our up and down market continues, 0.30 for September after 0.33 in August.

New Listings

One hundred seventy two new listings, compared to 134 last September. It is unusual for the new listings to increase, probably due to more forced sales.

Pending Ratio

That big jump in new listings affected the Pending Ratio, only 47 homes opened escrow giving us a ratio of 0.27, about half of the 0.55 we experienced in August. Interestingly 0.27 is the same ratio we had a year ago.

Listing Inventory

Three hundred forty five homes this month, up eleven from August. Last year we had 490, so we can see that although new listings has increased, total inventory is lower.

Sold Listings

Fifty-six homes sold, compared to 39 last year, down slightly from the 61 homes sold in August.

Average Sale Price

Dropped to $548,107, down 26.7% from last year. This was due in part to the size of homes sold this month (smaller). <!--[if gte vml

Price Per Square Foot

Declined to $343, down 20% from last year.

Conclusions

Buyers are definitely taking advantage of the shift in prices. Homes that are properly prepared, marketed, and priced are selling with a few weeks, some with multiple offers.