In order to remain a top Glendale real estate agent, it’s critical to stay on top of all aspects of the market. Let’s dissect Glendale home sales January 2020: Below, we compare January, year over year:
Glendale Home Sales January 2020 Recap:
First-time buyers continue to drive the Los Angeles real estate market. As a result, smaller Glendale homes are selling quickly, causing the median selling price to drop. Additionally, the price per square foot has surged due to the high demand for starter homes. When evaluating the average selling price per square foot, it’s important to remember that each home includes land, a kitchen, and living spaces. Kitchens tend to be more expensive to build than bedrooms. Therefore, smaller homes often command a higher price per square foot than larger ones.
Meanwhile, five homes took over 100 days to sell, ranging from 112 to 184 days on the market. Selling prices varied significantly, from $540,000 for a 996-square-foot home on Lexington to $1,800,000 for a 4,700+ square-foot home on Western Ave.
Finally, the absorption rate is just over 1%, highlighting a very unhealthy real estate environment. This extreme imbalance strongly favors Glendale home sellers, making competition fierce for buyers.
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