Whew- I can’t believe we have already cleared the third quarter of the year, but here we are.
Today we are talking about sales statistics for Glendale Home sales. Later on I will talk about La Canada and then La Crescenta.
I am pretty sure this is the most active August that I have experienced in my 23 years as an Realtor. Do you see the huge uptick in pending sales in August? That never happens. I believe there are a several forces in play.
- First time buyers came out in droves to take advantage of the $8,000 tax credit that expires November 30.
- Pent up demand- life forces buyers to buy rather than continue to wait
- Fears that interest rates will rise
- Fears that prices will rise
- A growing resignation that the tidal wave of foreclosures will be more of a steady dribble
A note on the big difference between the median price and the average price for August. We had one really high priced sale in Glendale close in August, and one big sale (or one low sale) can tweak an average quite a bit. That’s why median is a better gauge of trends than averages.
| Single Family Homes | June | July | August |
| New Listings | 32 | 47 | 41 |
| Total Listings | 130 | 137 | 130 |
| Sales Pending | 53 | 62 | 78 |
| Homes Sold | 53 | 55 | 33 |
| Expired Listings | 25 | 19 | 21 |
| Average Days on Market | 82 | 68 | 58 |
| Average $per Sq.Ft. | $347 | $342 | $336 |
| Median Selling Price | $660,000 | $675,000 | $633,000 |
| Average Selling Price | $691,217 | $678,764 | $711,982 |
| Absorption Rate * | 3 | 3 | 3 |
| Condos and Townhomes | |||
| New Listings | 28 | 25 | 27 |
| Total Listings | 104 | 98 | 83 |
| Sales Pending | 42 | 48 | 37 |
| Homes Sold | 23 | 23 | 21 |
| Expired Listings | 24 | 20 | 11 |
| Average Days on Market | 72 | 73 | 93 |
| Average $per Sq.Ft. | $267 | $260 | $264 |
| Median Selling Price | $308,000 | $290,000 | $330,000 |
| Average Selling Price | $336,474 | $275,974 | $348,952 |
| Absorption Rate * | 4 | 4 | 3 |
| * The # of months to sell current inventory at present rate of sales |
Condos are also doing brisk business. I believe that this is because lower priced single family homes have almost disappeared. Buyers wold rather buy a condo or townhouse than move to the hinterlands or continue to wait. I think we will see further improvement in the condo segment into the forth quarter.
Ready to Find a Home? Here are some links to available homes organized by Glendale Communities. To search all our different areas, CLICK HERE
Kendyl Young
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