Real Estate Market Report Glendale CA February 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.

With the economic turmoil in the news, amazingly the Market Index remained steady at 0.26, versus to 0.17 last year.

New Listings - 82 new listings this month, compared to 92 last month, versus 114 a year ago.

New Pending Listings - 35 listings entered escrow, compared ot 37 last three month, and 35 in 2008.

Pending Ratio - 0.43, compared to last month 0.40, and a year ago it was 0.31.

Listing Inventory - 314 listings, down slithly from 318 homes last month. In 2008 we had 400 listings.

Sold Listings - 46 homes sold, compared to 45 last month and 31 last year.

Average Sale Price - Declined again to $484,808, down 19.4% from last year,

Price Per Square Foot - Down to $308.58, or 16.6% compared to last year..

Conclusions

Sales continue to outpace last year due to the lower prices and interest rates. The new stimulus package allows for a more generous tax credit of $8,000 which does not need to be repaid if you live in the property three years.

Inventory is steady, so it appears that the overall economy is causing the continued decline in home values. Note that about three-quarters of the sales are either bank-owned properties or short sales, so the overall condition of the inventory has declined also, helping to drive values lower.

Take advantage of the market and buy a great investment now.

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