Our Glendale market is burning and churning is a BIG way right now. Our inventory hit an all time low in Novemeber and December of last year, but we are seeing a surge of great homes hitting the market in all price points- we have grown from only 2.3 months of inventory in December on the market to a more balanced 4.3 months worth of inventory today.
At the same time, we have seen a huge uptick in buyer activity. March saw twice as many open escrows as in February and 60% over the same month in 2009. If you look at our supply of homes relative to the volume of recent pended sales, we only have 2 months of inventory on hand. If there is one take away from this update, it is that buyers want to buy in Glendale!! Multiple offer battles, with sales prices signifigantly above list price, are common, This activity spans all price ranges, although our bottom price quartile, $0-$550,000, certainly has the most activity. The great news is that we are seeing fantastic activity in our top price quartile, above $1,100,000. One notable pending sale is a stunning and pristine Mid Century modern home that entered escrow for approximately 25% more then it's sale price just 9 months ago. Short sales and foreclosure continue to play a significant role in our market, but they do not dominate (the single family residence) market. Of the 150 homes available only 31 or 21% of the homes are short or REO. Unsurprisingly, these are mostly in the bottom price quartile. We expect continued strong activity through April as buyers rush to meet the federal tax credit deadline of April 30, 2010. While our median price point of $746,000 is at the higher end for first time buyers, we have 42 single family homes under $650,000. If a buyer is smart, they would enter into escrow on a Glendale home in April and close as early as possible in May, possibly qualifying for both the $8,000 in federal tax credits AND the $10,000 in California tax credits.Posted via email from Glendale, La Crescenta, La Canada and Above
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