Glendale Ca Real Estate Market Report
We have a little more of a mixed bag in today’s Real Estate Market Report.
Below are my infographics for the real estate market in Glendale, Ca in May 2019
The real estate sales statistics in Glendale CA are more meaningful than our other areas because there is a larger data set. The following areas are less accurate because there are relatively fewer transactions.
We love infographics because they are pretty and easy to understand, but there is far more to the story than just a few numbers. Let’s take a look at the messier data and the stories I think are happening.
For the most part I examined the Year over Year (YoY) statistic. This compares this quarter with the same quarter last year.
Inventory is up
There are more homes on the market, but the percentage increase in inventory is shocking. The inventory of single-family homes (SFR) is up by 21% and the inventory of condos and townhomes (C/TH) is up a shocking 70.6%
Sales are down – and also way UP
The sales volume is down 2.6% for SFR while C/TH are up slightly by 3.7%.
The shocker is we sold 40% more homes in May 19 than we did in April 19!
Prices are UP
I like to think of value by looking at the average dollar per square foot (AVG $/SF). SFR in Glendale CA is up by 2.5% and C/TH are up by 4%. Interestingly the average sales price for SFR is down by 7.6% YoY
Months Supply of Inventory (MSI)
I love this statistic as it tells us about the relationship between demand and inventory. A lower MSI number favors the seller.
Winter is coming.
The MSI for single family homes in Glendale Ca increased by 11%. Condos and townhomes increased by 51%!!
To be clear, it is still a seller’s market…. but winter is coming.
The La Crescenta Real Estate Market Report
The Condo and Townhouse market in La Crescenta is VERY small, so I am going to focus on single family homes in this section.
Inventory is UP, Sales Are DOWN
There are 60% more single-family homes available in La Crescenta YoY. That is SHOCKING. And sales volume is down by 26%!!
Months supply of inventory also spiked 49% higher than last year.
It is still a seller’s market in La Crescenta
To be fair… it is still a very strong seller’s market. We have just 1.8 months of inventory. However, this is our peak season in La Cresenta. We normally see these numbers in the fall.
La Canada Real Estate Market Report
Again, there are a negligible number of condo and townhome transactions in La Canada. I will focus on single-family sales.
It’s a Seller’s Market But….
Inventory is up by nearly 14% YoY and the volume of sales is down by 6%.
The month’s supply of inventory has moved in favor of the buyer by 23.3% BUT… the MSI is at 3 months of inventory. This is still solidly in the seller’s favor.
But Winter Is Coming
Prices are Down
The average dollar per square foot number is down 5.2% YoY indicating that the overall values in La Canada might be softening. The average sales price is also down, 14.9%. This is primarily because fewer luxury priced homes sold.
Sunland Tujunga Real Estate Market Report
Sunland Tujunga is hot, hot hot!!
Inventory is DOWN
There are 19.2% fewer homes on the market YoY and 11% more sales!
If I had a home in Sunland Tujunga I would be thinking about cashing in.
Prices are… weird
With such strong numbers in favor of the seller, I expected the prices to be UP. Average dollar per square foot is down by 1.7%.
The average sales price is up by 2%, but I suspect that is the result of higher priced homes selling.
We had a strange drop in sales last month versus April. Perhaps there is an opportunity for the sharp buyer to score a home in Sunland Tujunga before the rest of the market floods in!