Glendale Home Values February 2018: Twenty-one Glendale homes closed escrow last month. Selling prices ranged from $629,000 for a two-bedroom, one-bath home on Adams to $3,750,000 for the Roy Disney Estate. Thirteen of the homes sold for less than the asking price, one at the list price, and seven sold over asking.
The Roy Disney Estate Sale Highlights the Importance of Median Selling Price:
The recent sale of the Roy Disney Estate is a powerful example of why the median selling price is a more accurate indicator of market value. This high-profile sale commanded a substantial price, far above typical home values in Glendale. While impressive, it also sheds light on how luxury transactions can skew market statistics.
The median selling price, on the other hand, provides a clearer picture. It represents the midpoint of all sales, where half of the Glendale homes sold for more than $1,055,000, and half sold for less. This measurement method avoids the distortion caused by exceptionally high or low sales. In contrast, outliers like the Roy Disney Estate heavily influence the average selling price. A single multi-million-dollar transaction can significantly inflate the average, making it appear that home values are higher across the board. This can mislead buyers and sellers trying to understand the true market landscape.
Market analysts get a more realistic view of property values by focusing on the median price. The median price reflects the middle range of sales, untouched by extreme highs or lows, making it a far more reliable metric for assessing market conditions. The Roy Disney Estate sale certainly captured attention, highlighting the need for accurate pricing indicators. For a true understanding of Glendale’s housing market, the median selling price remains the most dependable measure.
The sale of the Roy Disney Estate is an excellent example of why the median selling price is a better indicator of value. The median price indicates that half the Glendale homes sold for more than $1,055,000, and half sold for less. This abnormally high selling price does not influence the median selling price, but this high-priced sale will unduly influence the average selling price.
Call Phyllis to learn more about Glendale real estate values.
