Market Update- Are Prices Softening?
As a whole, sales prices in Glendale, La Canada and La Crescenta are NOT softening… but asking prices are “at risk”. This means higher priced homes are staying on the market, longer, and we are seeing an increase in price reductions.
Here is what our sales activity looks like:
The lighter green bars show how many homes were available for sale in any given month and the darker bars show how many homes sold in that month. As you can see, our inventory of available homes has grown every month but our number of sales has been flat since March.
Another way to look at the market is Months Supply of Inventory.
This chart shows us how long it would take to sell all the available homes, assuming no new homes come on the market. We are solidly in the 2+ month level- this means it is still a strong seller’s market- but things are not as crazy as they were last year.
This always leads to the question- what’s up with prices?! I love the chart showing average price per square foot. It tells a better story of price trends.
As you can see, prices have been flat since March of this year.
Where will we go from here? (click to read the next post)