Let’s take a look at some of the changes in the Glendale housing market for June 2022: The number of sales has decreased, and the absorption rate has increased. The average price per square foot, sales price, and median price have all dropped.
The lowest-priced home sold last month was a three-bedroom, one bathroom, 1,116 square foot home located at 912 Osceola St. It sold for $925,000 and originally listed for $750,000. The most expensive Glendale sale was a three-bedroom, three-bathroom, square foot home located at 360 Edwards Place. While originally listed at $2,499,000, it sold for $3,100,000.
The interesting fact about the Glendale Housing Market Update for June 2022 is that it reflects sales that were initiated mostly in April and May. So we are looking backwards in time. The recent ¾ % interest rate hike has impacted our market. Of the most recent listings I have closed, I have had substantially fewer offers – but fortunately at least one great one.
Earlier this week, I spoke to one of the escrow officers I use quite a bit, and she told me that cancelled escrows have spiked. Often the buyer’s deposit is simply not making it to escrow. In other instances, the buyer is cancelling due to the inspection. Seller credits/negotiations for inspection requests are substantially higher than they were a month ago.
This is still a good market for sellers, just not as insane as it was a month ago.
I think any improvement for buyers in this unbalanced market is a healthy one.