Real Estate Market Report
Glendale, CA Â Â Â Â Â December , 2009
The Market Activity Index decreased to 0.61.Â Sales are up and inventory continues to decline, resulting in some properties selling over asking price with multiple offers. Prices are stable.Â Interest rates are still low, although expect an increase in March when the Treasury Dept. exhausts their stimulus dollars. Experts are anticipating an interest rate increase of up to a full point.
Market Index- 0.61 â€“ down 8 points.
The Market Index is at 0.61, down from 0.69 last month and up compared to 0.43 a year ago.
New Listings - 45 new listings this month, compared to 52 last month and 41 a year ago.
New Pending Listings - 34 listings entered escrow, compared to 63 last month, and 42 in 2008.
Pending Ratio â€“.76, down from 1.21, last month. A year ago it was 1.02.
Listing Inventory â€“ 176 listings, down from 198 last month. In 2008 we had 248 listings.
Sold Listings â€“ 73 homes sold equal to last month and 65 last year.Â
Absorption Rate â€“2.4 months, down slightly from 2.7 months last month. A year ago it was 3.9 months.Â
Average Sale Price - $538,315 UP from last monthâ€™s $528,876 and UP 1.10% from last year. Â This is mainly due to larger homes selling.
Price Per Square Foot â€“ $319.85, down from $321.70 last month, and down 2.09% compared to last year.Â
The economy continues to weigh on buyersâ€™ minds.Â With the threat of interest rates increasing and the time frame of the new buyer tax credit deadline of April 30th, everyone is shifting into high gear.
For buyers â€“Fewer homes on the market means multiple offers on properties that are priced right, and low-ball offers are likely to be ignored by sellers. I do not see any sign of a wave of foreclosures.
For sellers â€“ The lack of quality inventory is in your favor.Â Â Maximize your profit by taking advantage of our Highest Price Analysis and learn how to make the most when you sell.
Glendale Realtor of the Year 2009Â
Data from i-Tech Â MLS has not been verified, is not guaranteed, and is subject to change