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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report Glendale, CA March 2009

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.

For a consultation or questions feel free to call.

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