As a Glendale real estate expert, I need to analyze the real estate statistics each month. Let’s dive into the Glendale housing market for November 2022. The number of homes sold last month was the lowest year to date. Fourteen of these homes sold for over the asking price. Two at asking and eight below. Seven of the twenty-four homes sold had price reductions before eventually selling. Interesting to note that the average sales price increased to the highest of the year.
One of the least expensive Glendale home sales was a two-bedroom, one-bathroom, 982-square-foot home located at 424 W. Garfield Ave. This home listed for $849,000 and sold for $815,000 in eighty-six days. The most expensive home sold was a five-bedroom, five-bathroom, 4,2701-square-foot home located at 1545 Cleveland Road. This luxury home was initially listed for $4,249,000 and sold for $4,229,000. It was sold off-market.
The absorption rate indicates the Glendale housing market slightly favors home sellers. This is somewhat typical of this time of the year as fewer new listings come on the market as we near the holidays. Until June of 2022, the absorption rate remained at less than 1% indicating a very unbalanced Glendale housing market.
