Let’s take a look at the Glendale Housing Market for February 2021. Forty-eight homes closed escrow, thirty-four of these closed for over their asking price, six at asking and eight below their asking price. Seven of these Glendale, California homes had price reductions before opening escrow.
Last month the least expensive home sold was a two-bedroom, one-bathroom, 924-square-foot home at 640 Milford St. It sold for $690,000 which was $9,000 less than the asking price. The most expensive Glendale home sale was a five-bedroom, five-bathroom, 4,114 square foot home at 2135 Haven St.
The less than 1% absorption rate reflects a very unhealthy real estate environment for home buyers. If you are looking to purchase a Glendale home, be prepared to compete with multiple buyers. And in so doing, know that the property will likely not appraise for the amount you agree to pay. Many Glendale home buyers are waiving their appraisal contingency. Some are waiving loan contingencies as well. It’s an extremely competitive market.
Our Montecito home listed at $1,785,000. We had nineteen offers, five of which were $2,000,000 or higher. We have two backup offers. This is the reality of this market.
Last year was record breaking for the Glendale housing market. Factors such as historically low-interest rates encouraged first-time home buyers to enter the market. Despite high unemployment, this allowed appreciation to remain strong.
