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Keith Sorem's Blog

By Keith Sorem | Agent in Glendale, CA

Real Estate Market Index Report Glendale CA August 2009

Real Estate Market Report

Glendale, CA      August , 2009

 

Market Index- 0.60

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 UP 3 points to 0.60.

New Listings - 63 new listings this month, compared to 74 last month and 88 a year ago.

 

New Pending Listings - 63 listings entered escrow, compared to 57 last month, and 38 in 2008.

 

Pending Ratio –1.00, up from  0.77,  last month. A year ago it was 0.55. 

 

Listing Inventory – 197 listings, down from 212 last month. In 2008 we had 334 listings.

 

Sold Listings – 56 homes sold, down from 63 last month an d 77 last year. 

 

Absorption Rate –3.5 months, up slightly from 3.4 months last month. A year ago it was 5.5 months. 

 

Average Sale Price - $560,864 UP from last month’s $538,348 and down 14.7% from last year.  

 

Price Per Square Foot – $372.17, down from $320.83 last month, and down 5.8% 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 increasing since May.

The price per square foot has been increasing since February.

 

For buyers – this may be the bottom of the market. 

Multiple offers and appraisal issues are becoming more common.  For those trying to take advantage of the $8,000 Federal tax credit time is running out.

 

For sellers –Ask for our Highest Price Home Audit to learn how to maximize your profit when you sell.  Homes properly prepared for market will net you the highest profit when you sell.  Buyers have fewer choices with fewer homes on the market, but many homes are distressed sales, keeping a lid on increases in value for the time being.


Keith Sorem Realtor DRE #01374635

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