Let’s crunch the numbers for the Glendale housing market, March 2021. With over one thousand Glendale real estate agents, only sixty-two homes closed escrow last month. Forty-four of these closed for over their asking price, six at asking and twelve 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, two-bathroom, 1,178-square-foot home at 234 Chester St. It was listed for $699,000 and sold for $625,000. The most expensive Glendale home sale was a four bedroom, four bathroom, 4,137 square foot home at 403 W. Kenneth Road. This Spanish estate was initially listed for $2,499,000 and sold for over asking price at $2,810,000.
The absorption rate of .52% reflects a very unhealthy real estate environment for Glendale home buyers.
The average price per square foot, average sales price and median price have increased each month this year. Escalating Glendale home values are welcome news for current homeowners but sobering for potential buyers. For those hoping to purchase, they need to save for a down payment, and closing costs. These costs continue to increase along with Glendale home values. Add to that, the recent increase in mortgage rates and the affordability challenge for first-time buyers becomes even more challenging.
My sister in law just entered escrow as a first time buyer ( all be it in another county) she was determined to get a house at all cost and that is what it took. 60k over asking! I do not look forward to entering this market