Real Estate Market Conditions

April 2012 Glendale Real Estate Market Conditions

May 4, 2012

35% of Glendale home sales are short sales or foreclosures

Although, the number of Glendale homes sold in April dropped from March, it’s only an indicator of the lack of inventory. Home buyers and Realtors are desperately searching for the right home. There are many homes listed for sale which will not sell and there are a variety of reasons but usually it has to do with the price:

1) Asking price too high because there isn’t enough equity, if price is dropped it will be short sale
2) Price too high because seller needs a certain amount to purchase a new home, or no point in selling
3) Price too high because home seller is unrealistic about today’s property values

Glendale – By The Numbers – YTD 2012
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	# of Short Sales	# of REOs	Absorption Rate
January	44	$316.68	82/120	$579,252	95.99%	13	7	2.93
February	37	$301.81	74/108	$643,673	95.39%	10	5	3.78
March	49	$302.24	94/134	$582,146	98.55%	8	11	2.83
April	37	$315.67	51/71	$637,697	98.46%	4	9	3.46

It’s a good time for Glendale home sellers. While the number of homes sold decreased, so did days on market, (Glendale homes are selling faster), the average selling price increased. Percentage of selling price to list is over 98% (many of these homes are selling over asking price).

Home buyers and Realtors are desperately searching for the right home. There are many homes listed for sale which will not sell and there are a variety of reasons but usually it has to do with the price:

4) Asking price too high because there isn’t enough equity, if price is dropped it will be short sale
5) Price too high because seller needs a certain amount to purchase a new home, or no point in selling
6) Price too high because home seller is unrealistic about today’s property values

Glendale – By The Numbers – YTD 2012 – Short Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	13	$323.03	93/154	$573,231	96.16%	30%
February	10	$294.89	66/80	$495,400	94.33%	27%
March	8	$281.17	232/274	$401,640	94.87%	16%
April	4	$285.74	85/109	$583,750	100.36%	11%

Glendale – By The Numbers – YTD 2012 – REOs
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	7	$285.35	73/90	$385,086	97.29%	15%
February	5	$276.51	117/117	$383,240	96.28%	14%
March	11	$244.31	58/93	$527,364	101.59%	22%
April	9	$321.81	54/111	$516,533	98.32%	24%

Glendale – By The Numbers – YTD 2012 – Standard Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	24	$322.65	79/109	$639,146	95.68%	55%
February	22	$310.39	67/118	$770,259	95.60%	59%
March	30	$330.03	71/112	$650,368	98.30%	62%
April	24	$318.35	45/49	$692,125	98.24%	65%

Unfortunately short sale comprised nearly a ¼ of Glendale home sales in April. Many home buyers have elected to steer clear of short sales as they can take so long to get approved (or take so long to not get approved).

Then there are foreclosures; many of these are aggressively priced by the bank and receive ten or more offers. The competition can be fierce.

If you have been thinking of selling your Glendale home, the time could be now. Realtors and home buyers are scrambling to find what we call “standard” sales. Call me… but back to the numbers:

While the number of homes sold dropped, so did days on market, (Glendale homes are selling faster), the average selling price increased. Percentage of selling price to list is over 98% (many of these homes are selling over asking price).

April 2012 Glendale Real Estate Market Conditions

April 6, 2012

There are approximately 1300 Glendale Real Estate Agents, and in March 49 home sold, which is up from February's 37. The average price per sq ft and the marketing time (DOM/CDOM) increased. The average selling price decreased.

Glendale – By The Numbers – YTD 2012
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	# of Short Sales	# of REOs	Absorption Rate
January	44	$316.68	82/120	$579,252	95.99%	13	7	2.93
February	37	$301.81	74/108	$643,673	95.39%	10	5	3.78
March	49	$302.24	94/134	$582,146	98.55%	8	11	2.83

Glendale – By The Numbers – YTD 2012 – Short Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	13	$323.03	93/154	$573,231	96.16%	30%
February	10	$294.89	66/80	$495,400	94.33%	27%
March	8	$281.17	232/274	$401,640	94.87%	16%

Glendale – By The Numbers – YTD 2012 – REOs
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	7	$285.35	73/90	$385,086	97.29%	15%
February	5	$276.51	117/117	$383,240	96.28%	14%
March	11	$244.31	58/93	$527,364	101.59%	22%

Glendale – By The Numbers – YTD 2012 – Standard Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	24	$322.65	79/109	$639,146	95.68%	55%
February	22	$310.39	67/118	$770,259	95.60%	59%
March	30	$330.03	71/112	$650,368	98.30%	62%

March 2012 Glendale Real Estate Market Conditions

March 7, 2012

41% of Glendale home sales were short sales or foreclosures

There are approximately 1,300 Glendale Real Estate Agents, and in February just 37 homes sold, which is down from January’s 44. The average price per sq ft dropped. But the marketing time (DOM/CDOM) declined and the average selling price increased.

Glendale – By The Numbers – YTD 2012
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	# of Short Sales	# of REOs	Absorption Rate
January	44	$316.68	82/120	$579,252	95.99%	13	7	2.93
February	37	$301.81	74/108	$643,673	95.39%	10	5	3.78

Glendale – By The Numbers – YTD 2012 – Short Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	13	$323.03	93/154	$573,231	96.16%	30%
February	10	$294.89	66/80	$495,400	94.33%	27%

Glendale – By The Numbers – YTD 2012 – REOs
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	7	$285.35	73/90	$385,086	97.29%	15%
February	5	$276.51	117/117	$383,240	96.28%	14%

Glendale – By The Numbers – YTD 2012 – Standard Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	24	$322.65	79/109	$639,146	95.68%	55%
February	22	$310.39	67/118	$770,259	95.60%	59%

February 2012 Glendale Real Estate Market Conditions

February 15, 2012

Glendale Home Values

Compiling the monthly real estate statistics is time consuming, but I believe the time invested is worthwhile. It is crucial for Realtors to keep apprised of real estate market conditions and trends. So, without further ado let's take a look at Glendale home values:

Glendale – By The Numbers – YTD 2012

Month

# Sold Homes

Avg. Price per Sq Ft

DOM/
CDOM

Avg. Sale Price

SP % LP

# of Short Sales

# of REOs

Absorption Rate

January

$316.68

82/120

$579,252

95.99%

2.93

Glendale – By The Numbers – YTD 2012 – Short Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	13	$323.03	93/154	$573,231	96.16%	30%

Glendale – By The Numbers – YTD 2012 – REOs
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	7	$285.35	73/90	$385,086	97.29%	15%

Glendale – By The Numbers – YTD 2012 – Standard Sales
Month	# Sold Homes	Avg. Price per Sq Ft	DOM/ CDOM	Avg. Sale Price	SP % LP	% of Market Share
January	24	$322.65	79/109	$639,146	95.68%	55%

Looking back to last year: January 2011, had 30 sales, average price per foot $319, averaged 80 days on market. The average selling price was $539,517 and percentage of selling price to list was 96.43. 63% of Glendale homes sold in January 2011, were short sales or foreclosures, compared to this years, 45%.

December 2011 Glendale Real Estate Market Conditions

December 8, 2011

36% of Glendale home sales were foreclosures or short sales

In our current real estate market, homes in move in condition command a premium. Note that the average prices for Glendale’s standard sales are higher than for the short sales and foreclosures.

Glendale – By The Numbers – 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
October	38	$345.55	70	$631,587	97.54%	6	4	4.18
November	42	$325.57	73	$557,588	96.57%	8	7	3.81

Many Glendale homebuyers are making down payments of 20% and they don’t typically have the funds remaining for remodeling and fixing. As people who are losing their home don’t often keep up with routine home maintenance short sales usually have more deferred maintenance than standard sales. And with foreclosures the lender often does a cheap rehab or the home is in distressed condition.

Glendale – By The Numbers – YTD 2011 – 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%
October	6	$335.71	108	$416,883	100.18%	16%
November	8	$306.60	114	$484,000	95.58%	19%

Glendale – By The Numbers – YTD 2011 – 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%
October	4	$278.36	29	$409,250	99.54%	11%
November	7	$309.16	49	$557,700	99.91%	17%

Glendale – By The Numbers – YTD 2011 – 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%
October	28	$357.25	68	$709,357	97.06%	74%
November	27	$335.45	66	$579,363	96.02%	64%