Let’s dissect Glendale home sales January 2020: Below we compare January, year over year:
First time buyers continue to fuel the Los Angeles real estate market. Smaller Glendale homes are selling as evidenced by the decrease in the median selling price. Price per square feet jumped as more starter homes are selling. When determining the average selling price per square foot, it is important to keep in mind that each home is sited on land. Each has a kitchen which is a more expensive room than a bedroom to replicate. Thus, smaller homes generally sell for a higher price per square foot than a larger home.
Five took more than 100 days to sell: 112 -184 days on market. Selling prices ranged from $540,000 for a 996 square foot home on Lexington to $1,800,000 for 4700+ square foot home on Western Ave.
The absorption rate of just over 1% indicates a very unhealthy real estate environment, heavily favoring Glendale home sellers.
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