Here we are, first week of the month, Chitlins! Time to talk about sales statistics in our lovely communities. First up, Glendale.
I do not think anyone is surprised to see that the number of homes on the market continues to diminish. This number, however, does not tell the whole story. There is intense demand for homes priced below $600k and the inventory in that price range is at historic lows. If a home is priced near $500k there is a near frothing at the mouth frenzy amongst the eager buyers. Meanwhile, the higher priced homes, especially over $900k, are languishing without a lot of action.
Yet, with all this frantic multiple offer activity, prices are remain steady. There is a slight rise in “per sf” price, but median and averages are level. This means, Mr. and Mrs. Seller, the market is healthy, but not rising. Despite the low inventory it is not a sellers market. If you do not present a screamin’ deal, the buyers will ignore you. Let me repeat… Ignore. You.
A screamin’ deal is necessary to get the buyers to make offers. The foreclosure guys know this. The short sale guys know this. And a few retail guys, like yours truly, know this. We price ‘em to get offers. Lots of offers. In the end, however, we achieve market price or maybe a little better. But our stuff is sold and the other ones are ignored. Ig. Nored.
| Single Family Homes | July | August | Sept |
| New Listings | 47 | 41 | 44 |
| Total Listings | 137 | 130 | 127 |
| Sales Pending | 62 | 78 | 60 |
| Homes Sold | 55 | 33 | 38 |
| Expired Listings | 19 | 21 | 19 |
| Average Days on Market | 68 | 58 | 64 |
| Average $per Sq.Ft. | $342 | $336 | $348 |
| Median Selling Price | $675,000 | $633,000 | $672,500 |
| Average Selling Price | $678,764 | $711,982 | $674,079 |
| Absorption Rate * | 3 | 3 | 3 |
| Condos and Townhomes | |||
| New Listings | 25 | 27 | 24 |
| Total Listings | 98 | 83 | 80 |
| Sales Pending | 48 | 37 | 47 |
| Homes Sold | 23 | 21 | 27 |
| Expired Listings | 20 | 11 | 13 |
| Average Days on Market | 73 | 93 | 57 |
| Average $per Sq.Ft. | $260 | $264 | $264 |
| Median Selling Price | $290,000 | $330,000 | $329,000 |
| Average Selling Price | $275,974 | $348,952 | $330,407 |
| Absorption Rate * | 4 | 3 | 3 |
| * The # of months to sell current inventory at present rate of sales |
Condos are the real star of today’s post. Inventory is down, prices are up, and days on market are down.
There are two buyer-types at work, the first time buyer and the investor. Frustrated by the single family segment, these two populations are turning to the condo market.
The first time buyer is motivated by low interest rates, a feeling that the market has bottomed and is starting to rise and the federal tax credit deadline. (November 30, for anyone under a rock)
The investor is also motivated by a sense that the market has bottomed, but they are more concerned about rising interest rates.
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Kendyl Young
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