Let’s take an in-depth look at the Glendale Housing Market for May 2022:
Last month sixty-two homes sold which was a big jump from April’s forty-six. The average price per square foot, sales price and median price also significantly increased. Days on market were the lowest year to date. The Glendale housing market is booming.
The least expensive sale was a two bedroom, one bathroom, 1,147 square foot home located at 531 Griswold St. It sold for $800,000. This home was sold prior to entering the MLS therefore days on market are zero. Listing and selling price are the same. One of the most expensive sales was a six bedroom, four bathroom, 5,098 square foot home located at 2057 El Arbolita Dr. Originally listed at $2,975,000 it sold in thirty days for $2,963,161.
Last week was extremely volatile as the 10-year T-bill increased to 3.50% prior to the Fed meeting. The Fed then raised rates 3/4% and indicated that in July, they will most likely raise rates another 1/2 – 3/4%. This is due to persistently high inflation. Until inflation is under control, or the economy seriously slows, and unemployment becomes a problem, we will likely have a very hawkish Fed.
Now that mortgage rates are on the rise I wonder how long it will take to effect the local housing market