To start today’s Glendale Market Report, I thought it would be fun to look back- a decade back, to see where we are relative to the last “boom”.
In December of 2002 our median price was $471,000 and the average price per square foot was $257. Today the median price is $586,000 and the average square foot price is $335.
So, if you’ve had your house for 10 years or more you are “doing alright”.
Actually, our median price today is approximately where we were in the beginning of 2004. Incidentally- that’s when the boom started, but, of course, things are different today.
So, how did we do in 2012?
Our inventory is appallingly low. Just 78 single family homes for sale in all of Glendale. 78!!!! For perspective, we ended last year with 175 homes on the market and I thought THAT was too low!
Here’s another shocker. In December, with just 78 homes on the market, 61 homes went into escrow. Nearly 80% of the entire inventory went into escrow in December! Folks, that has not happened in the last 10 years.
How are prices?
Our median prices have been on something of a roller coaster- but on average the trend is slightly up. Compare December 2011 to December 2012, like many real estate pundits, and prices are up nearly 8.5%. However, I think it is better to compare quarters- and that has our median price up by about 3%- and that feels more real to me, on a practical level.
Average price per square foot is showing about the same trends.
What should you do?
If you’ve been waiting for a better market in order to sell- we need to talk. As any business book will tell you, the time to sell is when there is high demand and low supply. Will prices continue to rise? Probably. But I am guessing inventory is about to rise. What will increased competition do to your prospects?
If you are looking to buy- OIY. Sorry, but that is the truth. It is fiercely competitive and today’s buyer needs a great strategy. Stay tuned to this space as I write more about game plans for buyers!