Glendale Home Sales Statistics Jan-Jun ‘09

I am changing up the stats reporting a little bit, Chitlins. The volume of sales (or, really, lack therof!) is making the neighborhood reporting unreliable. So, starting today, we are going to city-wide reporting.

First off, can you see how our inventory is dwindling down to nothing?!  This is true for every neighborhood in Glendale and above the 134.   Similarly, the number of closed and pending sales is rising dramatically.

There are only 2.3 months worth of inventory on the market, and this equals a market favoring the seller…. but wait!  There are caveats.

Do you see the uniformly big difference between the average price of active listings and the average sales price?  This is because our higher priced inventory is not selling very well.  Financing continues to be a big stopping block for the upscale buyer.

Does this mean an end to the housing meltdown?  As always, I hate to even hint that I know the future.  Typically, when the lower priced inventory starts to sell there is a “trickle up” effect that makes the whole market more liquid.  In this case, however, the low priced homes are largely REO and short sale people who are not buying “up”. They are renting or “getting out of Dodge”.

Where is the opportunity?  A mid-range value homeowner needs to tap into the rabid craziness of the lower end market.  How do you do that?  Stay tuned- I feel another post coming on….

**single family dwellings in Glendale