Glendale Housing Update June 2019: Selling prices ranged from $605,000 for a two bedroom, one bath, 1,158 sq ft home on Beulah St. to $1,650,000 for a five bedroom, three bath, 3,107 square foot estate on Imperial Dr. Last month fifty-four Glendale homes closed escrow. The average price per square foot was $568.91, average days on market was just 35. Many Glendale, CA homes continue to sell for over asking price.
Thirty-four of these Glendale homes sold for over asking price, sixteen sold for less and four at asking price. Nine of these homes had a price reduction prior to selling. The absorption rate of 1.91% is the lowest of the year. The 1.91% absorption rate indicates that if there were no new Glendale CA listings, we would run out of homes for sale in Glendale in just 1.91 months. This is a very unbalanced market strongly favoring home sellers.
There are different tiers to the market. Each segment represents approximately 25% of the Glendale real estate market by price. The median price is where half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. The average can be skewed by a large amount of lower end sales.
Median Price DOM
$1,586,500 88
$1,195,000 55
$970,750 48
$757,499 77
Interesting to note that research shows a third of recent first-time buyers received down payment assistance from family members, and that share is likely to grow. Many of those who lived through the Great Depression, or heard their parents’ survival stories, have benefited from decades of careful wealth accumulation. Read the rest here
To learn more about the Glendale community check out my real estate website.
