Glendale Housing Update October 2019: Selling prices ranged from $455,000 for a two bedroom, one bath, 806 square foot home on Palmer Ave. to $2,250,000 for a three bedroom, three bath, 2,108 square foot equestrian estate at 154 Allen Ave. Last month forty-four Glendale homes closed escrow.
Many Glendale, CA homes continue to sell for over asking price. One half of Glendale, CA homes sold for more than asking price, twenty sold for less and two at list price. Eight of these sales had a price reduction prior to selling. It comes as no surprise to Glendale, California home buyers that this continues to be a very strong sellers market. The absorption rate of 1.89% indicates that if there were no new Glendale listings, we would run out of listing inventory in less than two months.
After reviewing MLS data each month, Harb and Co. calculates both the median and average selling price. The median price reflects half the homes sold for more and half sold for less. The median selling price is more indicative of market conditions than the average selling price. The average can be skewed by a large amount of lower or higher end sales. The Glendale median selling price continues to reflect this real estate market is fueled by entry level buyers.