Wow. With all the attention placed on finding and writing about 365 Things To Do in Glendale, Ca I’ve really forgotten that this is, after all, a real estate blog!
It is way past time to “do the numbers”.
Northwest Glendale is doing mighty fine this year, Chilluns! Last year, this time, we had closed 102 transactions for single family homes. This year it is 112, for a 9% increase in volume.
Distressed sales continue to make the headlines, and we certainly have our share. 15% of the sales this year were short sales and 16% were foreclosed (REO) sales. This means total of 31% of the sales in Northwest Glendale are distressed and this, my darlings, is a sobering number. Interestingly, the distressed sales were NOT confined to the lower end of the price spectrum. About 70% were under $550,000 and the rest were above- including a foreclosure at $1,500,000 and a short sale at $1,100,000.
Overall we tend to sell our Northwest Glendale homes close to the list price. Year to date, our homes sold for 97% of the list price. The smaller homes, interestingly, sold for LESS, only 96% of the list price, while the larger homes sold for 99% of the list price. This supports my observation that today’s buyers are really focused on value (read: BIG). A “done to the nines” little cottage is less attractive to the buyers than a humongous wreck that is bank owned.
Right now we have a big surge in number of homes on the market while, at the same time, the number of closed sales (per month) has dropped dramatically. This means that anyone who is considering selling in the forth quarter of this year needs to be extremely smart. The buyers are value conscious and scared to death. The good news, however, is they want to buy!! If your sales strategy is geared to take advantage of this- you will be in your new home for the holidays!