Home prices are down in three Glendale ZIP codes during the past month.
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Home prices are down in three Glendale ZIP codes during the past month.
And even those areas where prices are up during that same span, four city ZIP codes show an increase of just 3% or less.
In Glendale terms, as it relates to some previous wild month-to-month fluctuations, that’s pretty uneventful.
“In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory,” industry tracker Altos Research remarked about Glendale overall on Thursday, Jan. 20.
City-wide inventory held steady at or around 162 as of Thursday, from a peak of 215 in October and a low of 140 in late December.
Here’s a breakdown of each Glendale ZIP code as of Jan. 20 (Dec. 22 report in parentheses):
Median list price: $409,750 ($377,450) (+8.6%)
Price per square foot: $220 ($228)
Average days on market: 39 (19)
Inventory: 20 (18)
Median rent: $2,075 ($2,008)
Summary: The 8.6% hike in median list price represents the highest jump in the city this past month.
Median list price: $429,950 ($422,000) (+1.9%)
Price per square foot: $239 ($235)
Average days on market: 33 (34)
Inventory: 24 (25)
Median rent: $2,030 ($2,083)
Summary: The metrics have remained relatively static in the past month.
Median list price: $449,000 ($437,450) (+2.6%)
Price per square foot: $226 ($243)
Average days on market: 26 (20)
Inventory: 15 (12)
Median rent: $2,375 ($1,850)
Summary: The median rent here jumped 28% — highest uptick in the city — since Dec. 22.
Median list price: $425,000 ($434,950) (-2.3%)
Price per square foot: $260 ($250)
Average days on market: 42 (30)
Inventory: 23 (29)
Median rent: $2,035 ($1,999)
Summary: According to Altos, “In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone.”
Median list price: $470,000 ($544,950) (-13.8%)
Price per square foot: $216 ($204)
Average Days on Market: 48 (23)
Inventory: 5 (8)
Median Rent: $3,150 ($4,173)
Summary: A lot to unpack here. The median list price is down almost 14% in the past month, the biggest drop in the city. Meanwhile, rent also has declined almost 25% this month. Rent has been a wild ride in this ZIP code. From October to November, rent blew up 143% in the span of one month. Then, from November to December, it plummeted 30%, and continues to trend downward sharply, declining 59% since Nov. 12. Altos says, “While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a seller’s market so prices will likely resume their climb should this trend persist.”
Median list price: $439,900 ($437,500) (+0.6%)
Price per square foot: $241 ($236)
Average days on market: 47 (72)
Inventory: 13 (17)
Median rent: $1,785 ($2,045)
Summary: While the median list price is barely up, Altos speculates, “If the market heats up, prices are likely to resume an upward climb.”
Median list price: $450,000 ($431,950) (+4.2%)
Price per square foot: $244 ($226)
Average days on market: 24 (25)
Inventory: 5 (6)
Median rent: N/A ($1,995)
Summary: According to Altos in this ZIP code, “Prices seem to continue to fall a bit. Technically supply levels indicate this is a seller’s market so it is likely that the downward pricing pressure will be light or variable.”
Median list price: $552,500 ($562,450) (-1.8%)
Price per square foot: $259 ($255)
Average days on market: 32 (42)
Inventory: 44 (48)
Median rent: $2,500 ($2,095)
Summary: The biggest change here is the 19% increase in median rent over one month. Altos adds, “The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone.”
Median list price: $644,000 ($625,000) (+3%)
Price per square foot: $283 ($292)
Average days on market: 68 (56)
Inventory: 13 (15)
Median rent: $2,000 ($2,000)
Summary: Altos: “Market conditions have been consistently cooling in the past several weeks. Because we’re still in the seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall.”
Steve Stockmar
News Editor | Sun Life Magazine & Arts & Entertainment
YourValley.net
@stevestockmar
Meet Steve
Steve Stockmar joined Independent Newsmedia, Inc., USA, in 2017, and has been an Arizona journalist for almost 30 years. He serves as editor of Sun Life Magazine and contributes to West Valley communities where he focuses mostly on arts & culture, education, and profiles of neighbors making a difference.
Community: Every season Steve serves as a “buddy” with the Miracle League of Arizona in Scottsdale, has volunteered his time with Family Promise in Glendale, and previously served on the Ghostlight Theatre board in Sun City West.
Education: Graduated from Northern Arizona University in Flagstaff with a Journalism major and English minor.
Random Fact: Steve once won a 50-player live Texas Hold ’Em poker tournament.
Hobbies: Anguishing over his beloved Chicago Cubs and Bears; listening to Beatles and Grateful Dead music.
