Glendale Housing July 2019: Selling prices ranged from $345,000 for a one-bedroom, one-bath, 567-square-foot home on Romulus Dr. to $2,250,000 for a six-bedroom, seven bath, 5,960-square-foot estate at 705 Cumberland Rd. Last month, thirty-six Glendale homes closed escrow, substantially less than June’s fifty-four homes.
The average price per square foot was $550.26; average days on market was forty-three.
July’s numbers reflect: While many Glendale, CA homes continue to sell for over asking price, fewer are selling over the asking price. Fifteen sold for more than asking price, twenty sold for less, and one at list price. Eight of these sales had a price reduction before selling. The absorption rate of 2.64% continues to reflect a very strong market for Glendale, CA home sellers. The homes are taking a bit longer to sell.
Each month, Harb and Co. calculates both the median and average selling price. The median price reflects half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. The average can be skewed by a large amount of lower or higher end sales.
On the national real estate front: Las Vegas (6.4%), Phoenix (5.7%) and Tampa, Florida (5.1%) accounted for the highest year-over-year price increases, while metros with the largest slowdown from the previous year continue to be in the Western area of the country: Seattle (14.8% point drop), and San Francisco (9.9% point drop). What’s more, Seattle is also experiencing falling home prices with year-over-year declines of -1.2%. This is the first metro from the 20 Case-Shiller Index market to experience a decrease in home prices since December 2012.
To learn more about the Glendale community check out my real estate website.
