Focus On: Glendale, AZ Real Estate Homes Sales News

June 05, 2009

Low inventory, high sales but still not stable. May 2009 Sales Update

Glendale is no exception to the rule now. Its inventory is down and sales up. In May some 530 home sold, close to 90 more then the previous month. Sales are up 120% over last year.

Glendale home sales new

I was looking in particular neighborhood in North Glendale: the Arrowhead area and much of the good inventory has been depleted. Even a month of two ago there were quite a few nice homes sitting on the market for months, but they are gone. Northern Glendale tends to be higher in price, closer to $200,000 then the Southern parts and even these homes are being sold.

Active price per square foot has been on the rise over the last 2 quarters and after a continued drop so is the pending per square foot, indicating strong demand. The 98% sales price to list price is another indicator that the amount of discount a buyer can expect is small: more so since there is a high 73% success rate for listings. That means that three quarters of the homes sell vs expiring or being canceled.

37% of active homes are Normal, 37% are pre-foreclosures and 24% REO. In contrast, 77% of the homes sold were lender owned, REO plus another 9.7% were short sales and only 13.3% were normal sales.

As I mentioned in the Greater Phoenix real estate market overview, until we get rid of foreclosures were not going to have a normal market despite the good signals and low inventory.

North Glendale Homes For Sale 1990 or Newer