Glendale, CA

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!

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.

Musings from “Shadow”-Sue Eller’s Real Estate Companion.

I just posted this text in my blog on www.ellertheseller.com

The market in Glendale Calif is heating up. Spring is in the air and the market is picking up. I am amazed at how many buyers are out on open houses and not just for the lower end or REO types of properties: the following excerpt from my website blog is a case in point.

Written by "Shadow"-Sue's Real Estate assistant (a very smart Belgian Sheepdog, who is helping is mom in the RE Biz!)

Well, my mom, Sue Eller a Dilbeck Realtor, has been very busy as of late! Just last weekend we were out distributing open house invitations in the Rossmoyne area of Glendale, and here we are a week later, already in escrow with our new listing at 1512 Capistrano ave. in the Verdugo Woodlands! We had over 100 groups at our open house and they weren’t just coming for our fabulous lemonade!

The response from the open house attendees was all positive. The house was immaculate and tasteful and that is what it takes to get a home sold these days. My mom, Sue Eller, has an uncanny ability to prepare a home for sale to achieve the highest price in the shortest amount of time, even in this challenging market. The last 3 listings she has had, have sold in this fashion.

The great news for the seller is that we got multiple offers and are over our asking price. All in all, a very successful week! I encourage you to call sue if you are considering listing because her dogged determination and her willingness to “work like a dog” to get your home sold is a winning combination for all! Call her at (818) 668-4005 to see how she can help you or email us here!