Let’s crunch the numbers for the Glendale Housing Market October 2020. The least expensive home sold was a two bedroom, one bathroom, 1,384 square foot home at 508 South St. for $699,000, which was $47,000 over the asking price.
The most expensive sale was 1076 Kildonan Dr. This view home was originally listed for $2,999,000 and sold in ninety days for $2,700,000.
Last month forty-two homes sold in Glendale. Twenty-eight sold over list price. Four sold at asking price. Ten sold less than the list price.
The Glendale housing market October 2020 reflects a strong seller’s market. Both the median and average selling prices are the highest year to date. Last month, I successfully represented a buyer for a mid-century home in Glendale’s Chevy Chase Canyon. We competed with more than ten other buyers. Listings are in short supply and most desirable Glendale homes are selling over asking price.
What’s in store for 2021? “COVID has contributed to the acute shortage of inventory as the pace of new construction slowed and older prospective sellers postponed listing their homes until after the pandemic. Once the pandemic passes or a vaccine is widely administered, we should see a noticeable pick-up in for-sale homes. And if the economy’s recovery is sluggish next year, distressed sales may also add to market inventory.” – Dr. Frank Nothaft Chief Economist for CoreLogic