Home prices hit ‘all time high’ in this Glendale ZIP code
Two other parts of town have cooled in recent weeks
[Photo courtesy of Realtor.com]
This home at 3634 W. Morrow Drive in the 85308 ZIP code of Glendale sold Oct. 1 for $1,025,000. The seller was represented by Kirk D Rausch with All About Real Estate, and representing the buyer was Kiley Hapner Keller Williams Realty Sonoran Livi.
In the past month, a new Glendale ZIP code has emerged as the hottest in town for home sales.
According to data from industry tracker Altos Research as of Oct. 5, homes in the 85308 ZIP code boast a median list price of $549,000, which is a 12% jump since the Sept. 6 report.
“Prices in this ZIP code hit another all-time high this week,” Altos stated in its Oct. 5 report on 85308.
Inventory has also dropped sharply from 115 homes available four weeks ago to 62 as of Tuesday, indicating homes are moving quickly in this section on the city’s north side.
“The market continues to get hotter,” Altos continued. “More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.”
In the first week of September, the 85307 ZIP code was gaining steam, checking in with a median list price of $767,000. That part of town still leads the city in terms of median list prices, checking in Tuesday at $769,875, and average days on market in 85307 is 32, which is up from 19 in early September.
Meanwhile, two Glendale ZIP codes have been “cooling off in recent weeks,” according to the report.
Homes in 85310 have seen median list prices drop from $524,000 to $499,450, and the inventory has grown by six.
“We’re already seeing prices move lower as a result,” Altos noted of 85310.
The median list price in 85306 also has experienced a drop in four weeks, going from $427,000 on Sept. 6 to $406,000 on Tuesday.
Here’s a look at housing statistics in Glendale ZIP codes per the Oct. 5 Altos report, along with comments which have been updated since early September:
85301
(Sept. 6 report in parentheses)
Median List Price: $359,900 ($370,000)
Per Square Foot: $240 ($200)
Average Days on Market: 27 (19)
Inventory: 21 (18)
Median Rent: $1,574 ($1,800)
85302
(Sept. 6 report in parentheses)
Median List Price: $397,450 ($399,950)
Per Square Foot: $224 ($205)
Average Days on Market: 23 (19)
Inventory: 26 (24)
Median Rent: $1,947 ($2,025)
“In the last few weeks the (85302) 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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.”
85303
(Sept. 6 report in parentheses)
Median List Price: $400,000 ($353,000)
Per Square Foot: $217 ($223)
Average Days on Market: 18 (26)
Inventory: 11 (13)
Median Rent: $2,250 ($2,000)
(Sept. 6 report in parentheses)
85304
(Sept. 6 report in parentheses)
Median List Price: $399,000 ($415,000)
Per Square Foot: $239 ($228)
Average Days on Market: 22 (23)
Inventory: 28 (27)
Median Rent: n/a ($2,045)
“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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.”
85305
(Sept. 6 report in parentheses)
Median List Price: $467,500 ($489,900)
Per Square Foot: $222 ($205)
Average Days on Market: 12 (11)
Inventory: 4 (9)
Median Rent: $3,150 ($2,700)
“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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.”
85306
(Sept. 6 report in parentheses)
Median List Price: $406,000 ($427,000)
Per Square Foot: $229 ($233)
Average Days on Market: 38 (33)
Inventory: 15 (16)
Median Rent: $2,175 ($1,750)
“The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. However, the market is still notably in the seller’s zone so we haven’t yet seen prices move lower as a result. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.”
85307
(Sept. 6 report in parentheses)
Median List Price: $769,875 ($767,000)
Per Square Foot: $228 ($238)
Average Days on Market: 32 (19)
Inventory: 4 (4)
Median Rent: $2,695 ($2,035)
“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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.”
85308
(Sept. 6 report in parentheses)
Median List Price: $549,900 ($489,000)
Per Square Foot: $251 ($241)
Average Days on Market: 33 (23)
Inventory: 62 (115)
Median Rent: $2,198 ($2,350)
“The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.”
85310
(Sept. 6 report in parentheses)
Median List Price: $499,450 ($524,000)
Per Square Foot: $272 ($262)
Average Days on Market: 17 (18)
Inventory: 30 (24)
Median Rent: $2,500 ($2,200)
“The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in market action to signal prices rising again.”
Steve Stockmar has been with the Independent Newsmedia team since 2017. An NAU alum and Peoria resident, Steve’s community journalism pursuits focus mostly on arts & culture, education, and profiles of neighbors making a difference. In his spare time Steve plays in a vintage baseball league using uniforms and rules from the 1860s, and also acts (badly) in community theater. In addition, he has an unhealthy obsession with baseball and the Chicago Cubs.
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