Let’s take a look at Glendale, Ca housing market for May 2021. Fifty-four homes sold, forty of these homes sold for over their asking price, three at asking and eleven under their asking price. Ten of the fifty-four homes had price reductions before eventually selling. The average price per square foot is the highest for the year.
The least expensive home sold was 319 W. Chevy Chase Dr, this one bedroom, one bathroom 504 square foot home sold for $615,000 which was $15,100 over the asking price. The most expensive home sold was 625 W. Kenneth Rd, this five bedroom, six bathroom, 4,692 square foot estate sold for $4,000,000.
The absorption rate of less than 1% equates to less than one month of listing inventory. The Glendale real estate market is very unbalanced.