Let’s dive into the Glendale real estate market for October 2023. The sales price and median prices increased. Days on the market decreased. The least expensive home sold in Glendale was a two-bedroom, one-bathroom, 1,178 square-foot home located at 1847 Verdugo Vista Dr. listed and sold for $749,000 in twelve days. The most expensive home sold was a five-bedroom, six-bathroom, 6,101 square foot home located at 305 W. Kenneth Rd. Initially listed for $5,300,000 it sold in forty-two days for $4,735,000.
Seventeen Glendale homes sold over the asking price. A home on Yale sold for $331,000 over the asking price. Three homes sold at the asking price. Seven homes sold less than the asking. A 2439 square foot home on Opechee sold for $275,000 under the $1,750,000 asking price in 67 days.
When analyzing the Glendale real estate market for October 2023 it’s interesting to note the wide range in price per square foot. A 1721 square foot home on Mesa Lila sold off market. The price per square foot was $1,481.70. On the low end was a 2889-square-foot home on Galer Place selling for $512.29 per foot.
The takeaway: Despite higher interest rates, buyer demand remains strong. The low absorption rate of 1.59% reflects a very unbalanced market. Inventory is very limited.
It seems like it will be a long time before the real estate market gets back to “normal”. These high interest rates and low inventory are so challenging for buyers