October 10, 2011
By Phyllis Harb
As a Realtor, itβs a fine line from being truthful to
being negative. The reality of our
Glendale real estate market is that
short sales and foreclosures comprise a sizeable chunk of our home sales. I am not being negative, itβs a fact and one
both buyers and sellers need to be aware of in order to negotiate the best
possible terms.
Although I have closed a few short sales in less than six
weeks, that is not necessarily the norm.
Buyers and real estate agents are tiring of the short sale waiting game and
the foreclosure circus. Listings for
traditional home sellers (real people) are in high demand, buyers and their
real estate agents donβt want to work on the bankβs timeline.
Letβs see how Glendaleβs September real estate market
stats came in:
|
Glendale β By The Numbers β
YTD 2011
|
|
|
Month
|
# Sold Homes
|
Avg. Price per Sq Ft
|
DOM
|
Avg. Sale Price
|
SP % LP
|
# of Short Sales
|
# of REOs
|
Absorption Rate
|
|
January
|
30
|
$318.52
|
80
|
$539,517
|
96.43%
|
10
|
9
|
|
|
February
|
20
|
$325.65
|
75
|
$620,517
|
95.17 %
|
4
|
3
|
|
|
March
|
43
|
$324.89
|
70
|
$708,674
|
98.03%
|
8
|
4
|
|
|
April
|
41
|
$330.40
|
75
|
$600,768
|
97.04%
|
5
|
10
|
4.12
|
|
May
|
43
|
$321.72
|
79
|
$571,080
|
97.52%
|
13
|
7
|
3.77
|
|
June
|
45
|
$344.36
|
78
|
$661,856
|
96.77%
|
11
|
3
|
3.8
|
|
July
|
40
|
$354.06
|
53
|
$598,461
|
98.56%
|
4
|
6
|
4.63
|
|
August
|
44
|
$318.12
|
73
|
$631,120
|
95.56%
|
12
|
7
|
4.16
|
|
September
|
38
|
$308.07
|
75
|
$623,355
|
97.57%
|
7
|
8
|
4.61
|
The number of homes sold decreased, but that is typical
for this time of year
|
Glendale β By The Numbers β YTD 2011 β Short Sales
|
|
Month
|
# Sold Homes
|
Avg. Price per Sq Ft
|
DOM
|
Avg. Sale Price
|
SP % LP
|
% of Market Share
|
|
January
|
10
|
$300.62
|
68
|
$493,100
|
95.71%
|
33%
|
|
February
|
4
|
$253.47
|
90
|
$633,750
|
94.10%
|
20%
|
|
March
|
8
|
$291.15
|
107
|
$525,000
|
98.12%
|
19%
|
|
April
|
5
|
$301.46
|
91
|
$516,000
|
95.41%
|
13%
|
|
May
|
13
|
$334.53
|
80
|
$550,000
|
99.10%
|
30%
|
|
June
|
11
|
$315.24
|
52
|
$583,409
|
97.47%
|
24%
|
|
July
|
4
|
$299.92
|
55
|
$651,250
|
104.91%
|
10%
|
|
August
|
12
|
$294.67
|
95
|
$489,333
|
97.25%
|
27%
|
|
September
|
7
|
$315.89
|
80
|
$585,429
|
99.55%
|
18%
|
|
Glendale β By The Numbers β YTD 2011 β REOs
|
|
Month
|
# Sold Homes
|
Avg. Price per Sq Ft
|
DOM
|
Avg. Sale Price
|
SP % LP
|
% of Market Share
|
|
January
|
9
|
$286.94
|
61
|
$458,756
|
96.47%
|
30%
|
|
February
|
3
|
$239.53
|
82
|
$612,111
|
90.47%
|
15%
|
|
March
|
4
|
$328.42
|
46
|
$632,250
|
105.21%
|
9%
|
|
April
|
10
|
$296.31
|
63
|
$523,700
|
97.08%
|
25%
|
|
May
|
7
|
$256.42
|
73
|
$423,711
|
96.74%
|
16%
|
|
June
|
3
|
$386.41
|
70
|
$526,667
|
97.30%
|
7%
|
|
July
|
6
|
$322.37
|
53
|
$457,000
|
98.90%
|
15%
|
|
August
|
7
|
$266.13
|
52
|
$580,271
|
96.36%
|
16%
|
|
September
|
8
|
$305.20
|
50
|
$545,375
|
103.29%
|
21%
|
|
Glendale β By The Numbers β YTD 2011 β Standard Sales
|
|
Month
|
# Sold Homes
|
Avg. Price per Sq Ft
|
DOM
|
Avg. Sale Price
|
SP % LP
|
% of Market Share
|
|
January
|
11
|
$360.63
|
107
|
$647,791
|
96.90%
|
37%
|
|
February
|
13
|
$367.73
|
69
|
$618,385
|
96.66%
|
65%
|
|
March
|
31
|
$333.14
|
64
|
$765,935
|
97.31%
|
72%
|
|
April
|
25
|
$351.92
|
78
|
$663,380
|
97.53%
|
62%
|
|
May
|
23
|
$334.94
|
79
|
$627,846
|
96.91%
|
54%
|
|
June
|
31
|
$357.95
|
77
|
$719,032
|
96.70%
|
69%
|
|
July
|
30
|
$371.05
|
53
|
$621,915
|
97.48%
|
75%
|
|
August
|
25
|
$343.92
|
68
|
$713,416
|
94.84%
|
57%
|
|
September
|
23
|
$306.63
|
82
|
$662,022
|
95.54%
|
61%
|
Price per square foot lowest for the year
DOM (days on market) minimal increase from last month and
assuming the Labor Day holiday, really not a change at all
Average selling price decreased from last month, but the
range is in the same range itβs fluctuated all year
% of sales price to list price, slight increased 2% from
last month
