Glendale, CA

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.

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!

Real Estate Market Report

Glendale, CA March , 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 jumped TWELVE POINTS from 0.26, to 0.38 last month, versus to 0.16 last year.

New Listings -87 new listings this month, compared to 82 last month, versus 153 a year ago.

New Pending Listings - 63 listings entered escrow, compared to 35 last three month, and 35 in 2008.

Pending Ratio - 0.72, compared to last month 0.43, and a year ago it was 0.23.

Listing Inventory - 306 listings, down slightly from 312 homes last month. In 2008 we had 454 listings.

Sold Listings - 54 homes sold, compared to 46 last month and 39 last year.

Average Sale Price - $548,426, up from last month's $484,808, down 10.1% from last year.

Price Per Square Foot - $310.90, up slightly from $308.58 last month, and down only 8.4% 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. More large homes are selling, so how much of the stabilization of values is due to the sales mix is open for discussion.

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

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

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

Glendale, CA January , 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 dropped from 0.39 to 0.26, compared to 0.16 last year.

New Listings - 92 new listings this month, compared to 42 last month, versus 150 a year ago.

New Pending Listings - 37 listings entered escrow, down from 42 last month, compared to 20 in 2008.

Pending Ratio -0.40, last month it was 1.01, compared to a year ago at 0.13.

Listing Inventory - 318 new listings, compated to 248 listings last month. In 2008 when there were 390 listings.

Sold Listings - 45, down from 55 homes sold last month, compared to 44 last year.

Average Sale Price - $521,939, declined from $550,635 last month, down 22.9% from last year,

Price Per Square Foot - $311.05, down from $336.99 and down 16.9% from 2008.

Conclusions

Echoing the rest of the economy Glendale slipped back a few months in terms of overall market activity, and prices are continuing to decline after some positive signs earlier in the fall.

Congress' ability to pass meaningful legislation will continue to put pressure on interest rates. In general,poorer economic conditions spell lower interest rates for buyers.

It is interesting that both listing inventory and sales are declining, so buyers will have fewer properties from which to choose.

For sellers having properly prepared and marketed properties is critical to sell for maximize price in this market.

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