Glendale Real Estate Values May 2017

Glendale Real Estate Values May 2017:

Think real estate values are decreasing anytime soon? The CoreLogic HPI Forecast indicates that home prices will increase by 5.1 percent year-over-year from April 2017 to April 2018. On a month-over-month basis, home prices are expected to increase by 0.7 percent from April 2017 to May 2017. Read more here:

Glendale Real Estate Values May 2017 Recap: Glendale’s real estate market thrived in May 2017. First, the least expensive sale occurred at 518 Hahn Ave. This two-bedroom, one-bath home sat on a 2,392-square-foot lot. It sold for $460,000. Meanwhile, twenty-one homes fetched over $1,000,000. These high-end sales highlight Glendale’s strong luxury market.

Next, the low absorption rate signals a tight inventory. If no new listings appeared, Glendale’s supply would vanish in just over two months. Buyers compete fiercely for available homes. Consequently, sellers enjoy a clear advantage. For example, a stunning four-bedroom estate in Verdugo Woodlands sold for $1.525 million. This 1,629-square-foot home on a 12,000-square-foot lot closed quickly. Moreover, high prices challenge first-time buyers. Many turn to condos or townhomes for affordability. For instance, a two-bedroom condo in Verdugo Viejo sold for $640,000. These units offer a foothold in Glendale’s competitive market. Additionally, interest rates remained at historic lows in May 2017. This kept borrowing costs down. However, don’t expect Glendale’s real estate values to dip soon. Demand continues to outpace supply.

Furthermore, Glendale’s diverse neighborhoods fuel its appeal. North Glendale, including Montrose and Sparr Heights, boasts a median price of $1.5 million. In contrast, Pelanconi in South Glendale offers homes around $1.106 million. These variations attract a wide range of buyers. Meanwhile, condos saw steady demand. A one-bedroom unit in Northwest Glendale sold for $550,000, up 3.1% from last year. In addition, the rental market reflects Glendale’s desirability. Average rents hit $2,240 monthly, up 4.7% from 2016. Low vacancy rates, at 2.9%, show strong tenant demand. Investors also eye Glendale’s potential. A recent 80-unit building sold for $48 million, signaling big opportunities.

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Last month, the least expensive Glendale home sale was 518 Hahn Ave. This two-bedroom, one-bath home on a 2,392-square-foot lot sold for $460,000. Last month, there were twenty-one Glendale home sales over $1,000,000.The low absoption relfects that if there were no new Glendale listings the supply would dry up in just over two months.

With high real estate prices, first-time home buyers in Glendale may need to set their sights on condos or townhomes. While interest rates remain at record lows, don’t expect Glendale real estate values to drop anytime soon.

The dual language immersion program at Glendale schools and the Americana at Brand have elevated this once sleepy suburb into a highly desirable community. Call Phyllis at 818 790-7325 to learn more about the city and Glendale, CA real estate.

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Glendale Real Estate Values May 2017

Glendale Real Estate Values May 2017:

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