Young analyses the last 15 months of sales and listing activity in the City of Glendale looking for trends and and statistics that will help today's home buyers and homes sellers.
Data is culled from the I-Tech Multiple listing service and is considered accurate, but not guaranteed.
Young starts her analysis of the Glendale with a look at the Months Supply of Inventory. This useful chart shows us what type of market we are currently experiencing. If we have less than 4 months of inventory we are in a seller's market and prices are likely going up. Between 4 and 6 months of inventory we are in a neutral market and prices will be flat. If there is more than 6 months of inventory the buyer's are in control of the market and prices will be going down.
After a sharp peak in January of over nine months of inventory on hand, Glendale's months supply of inventory has declined steadily to the current 4.4 months supply. "This time, last year, we had 6 months of inventory, so our inventory, relative to the number of buyers, has declined over 26%!", says Young.
Inventory of homes has declined 40% from last year with 215 homes available for sale in August versus the 357 available in August of last year. The rate of sales, however, has remained steady all year.
The median price for single family homes in Glendale has dropped a relatively modest 8.7% over August of 2010. This month the median price in Glendale is $595,000 while last year the median price was $652,000.
Average price per square foot is a useful measurement of value that smooths out the large variations in size of homes sold in Glendale. Last year the average price per square foot was $350 while this year it is $309 a square foot for a decline of 12%.
Kendyl Young goes on to offer advice based upon the data presented in the charts. "August of 2011 saw the lowest number of new listings relative to any other month in the year, and a 28% drop from this time last year. Since buyers love to buy the newest listings, first, and there are not very many of them, the smart seller will put their home on the market right away!"
Young publishes her Home Values reports for Glendale, La Cañada and La Crescenta in her blog, http://www.KendylsOpenHouse.com. Video presentation of this report is at http://www.youtube.com/
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Kendyl Young, a 25 year veteran of the Real Estate industry is with Teles Properties, a high end Real Estate boutique with offices in Pasadena, Beverly Hills, Brentwood and Newport Beach. In addition to continuing to grow her successful residential real estate business in Glendale, La Cañada and La Crescenta, Young is the Technical Visionary for Teles Properties. She is an avid blogger and social media expert who constantly seeks new ways to deliver great value to the consumer. Full contact information and links to all websites at, http://www.about.me/