Today we are talking about Glendale home sales for all of 2009. For purposes of this review I am talking about single family homes sold in Glendale. First up, the BIG picture.
First of all, notice that we had a big drop in median price in 2008, but almost no change in median price for 2009. The volume of sales is waaaaay down, but prices? Not so bad.
However, let’s take a look at the market by home size.
|0-1000 sf||1000-15000 sf||1500-2000 sf||2000-2500 sf||2500+ sf|
The high and the low are the most dramatic “losers” and you are going to see this theme throughout the reviews. On the low side we have a much larger volume of sales and steep discounts given for foreclosures and short sales. This trend will change as investors have been rushing in with fist fulls of cash, and the last quarter of the year saw multiple*multiple offers with prices going well above asking.
The high end saw relatively few sales and lack of financing really affected the sales we had. This trend is not likely to change in 2010.
The really interesting opportunity in 2010 is for the move up buyer. Owners of medium sized homes enjoy relatively stable values of their current homes, but they can take advantage of falling prices in the large home segment. Small homeowners may want to sell despite the fall in values. The two Homebuyer Tax Credit programs mean that there is great demand for the home you have and a tax credit incentive for the home you want to buy. Win-Win!!