Glendale Home Values February 2016: It’s no secret that Glendale home values and rents are soaring. A glance shows the absorption rate has increased since January, which is good news for Glendale home buyers. The real estate market constantly shifts, and knowing whether conditions favor buyers or sellers can help you make smarter, more confident decisions. The absorption rate reflects what type of market we are experiencing. The 3% absorption rate favors home sellers.
In a seller’s market, fewer homes are available than buyers looking to purchase a home, creating a competitive environment where bidding wars and quick sales can be common. While sellers can often secure higher prices and more favorable contract terms, preparing the home properly and setting a strategic asking price at the outset are still key to attracting strong offers and ensuring a smooth closing.
I want to share this article: 57 Percent of People Living in Los Angeles Can’t Afford to Live in Los Angeles
But, let’s compare year over year. Last February (2015), there were 25 Glendale home sales. The average price per square foot was $422, and the average Glendale home sold in 48 days (remember we have those new lending regulations (TRID), increasing the time it takes to close a loan. The average sales price was $765,325, and the average Glendale home sold for 100.49% of the asking price. The absorption rate was 4%, and the median sales price was $725,500.
