The housing sales figures for August 2017 are in, and they have a lot to say if you know how to look. In this post, we are going to discuss what those numbers are saying about Glendale, and how that matters to you. We have been experiencing an incredibly competitive sellers’ markets for many months now, and while that has not changed, we are starting to see some real market movement.
The story so far this year has been a low inventory, and that holds true in Glendale. In the past month, the number of single family homes for sale in Glendale shrank from 105 to 97. This change just reflects an increase in end of summer sales, with 78 closings. What is really worth paying attention to though, is that at the same time last year, there were 140 homes for sale, that’s a decrease of over 30%!
So there aren’t as many homes for sale in Glendale as last year, so what? Just as many houses are selling as before; in fact, monthly sales are up over last year, so people are ready to compete to buy. This means that houses are just selling for more money. The average price per square foot in Glendale was $510 in August, up over 10% from last year. This isn’t a fluke either, prices per square foot have been up consistently month over month.
Prices may be up, but that doesn’t mean everything is selling. In fact the average property that sold in August was on the market for 51 days, and sold for just under its initial asking price. This lets us know that sellers are well aware of the demand in the area, and have been building that into their listing prices. It also means that buyers aren’t just paying anything, but will wait for a price in line with the new normal.
Taking all of this information together, it paints a more clear picture of where we are in the single family homes market here in Glendale. Buyers have been consistently paying more, but maybe not going as wild as their neighbors down in LA. Sellers are seeing this, which shows up in higher listing prices, but at the end of the day, there is still such thing as overpriced, when sellers get too aggressive. We are still in the midst of a strong sellers’ market, but rather than an explosion in price’s achieved, there has been a slow and steady crawl upwards.