Subscriber Exclusive

Rent in one Glendale ZIP code increases 142% in past month

Other city-wide real estate trends vary greatly

Posted

The past month has seen more twists and turns in the Glendale real estate market.

A look at different areas of the city from industry tracker Altos Research as of Nov. 24 shows a decline in one ZIP code’s median home list price of 13% and a gain of 15% in another.

One consistency throughout, however, is a decline in overall inventory, which is at 184 as of Wednesday. City-wide inventory was 215 as of Oct. 8, and has steadily dropped since then.

“Home sales continue to outstrip supply,” Altos summed up of Glendale, characterizing it, again, as “a seller’s market.”

Here’s a look at home sale and rental statistics in Glendale ZIP codes per the Nov. 24 Altos report, along with analytical comments for each when available:

85301

(Oct. 22 report in parentheses)

Median List Price: $345,000 ($390,000) (down 13%)

Per Square Foot: $223 ($212)

Average Days on Market: 17 (17)

Inventory: 25 (19)

Median Rent: $1,495 ($1,675)

85302

(Oct. 22 report in parentheses)

Median List Price: $435,000 ($399,900) (+8.8%)

Per Square Foot: $230 ($222)

Average Days on Market: 44 (33)

Inventory: 20 (29)

Median Rent: $1,920 ($2,050)

“The market remains in a relative stasis in terms of sales to inventory,” Altos notes of this area. “Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone. If the market heats up persistently, prices are likely to resume an upward climb.”

85303

(Oct. 22 report in parentheses)

Median List Price: $419,900 ($444,000) (-5.4%)

Per Square Foot: $216 ($220.50)

Average Days on Market: 23 (33)

Inventory: 9 (12)

Median Rent: $1,837 ($1,925)

(Sept. 6 report in parentheses)

Rent was at $2,250 on Oct. 1.

Altos: “Home sales continue to outstrip supply.”

85304

(Oct. 22 report in parentheses)

Median List Price: $419,900 ($419,950) (-0.01%)

Per Square Foot: $236 ($240.50)

Average Days on Market: 30 (25)

Inventory: 25 (24)

Median Rent: $2,100 ($2,072)

Altos: “The market has started cooling and prices have been flat for several weeks.”

85305

(Oct. 22 report in parentheses)

Median List Price: $540,000 ($468,000) (+15.4%)

Per Square Foot: $194 ($206)

Average Days on Market: 21 (20)

Inventory: 11 (8)

Median Rent: $5,975 ($2,463)

Rent continues to wildly fluctuate, with a median rent increase in this area of 142.6% over the past month. The median rent had been as high as $7,610 on Nov. 12.

85306

(Oct. 22 report in parentheses)

Median List Price: $438,700 ($435,000) (+0.9%)

Per Square Foot: $236 ($231)

Average Days on Market: 55 (38)

Inventory: 16 (15)

Median Rent: $2,110 ($2,025)

Altos: “We’re in a Seller’s Market (where significant demand leaves little inventory available.”

85307

(Oct. 22 report in parentheses)

Median List Price: $502,995 ($501,000) (+0.4%)

Per Square Foot: $208 ($258)

Average Days on Market: 35 (31)

Inventory: 6 (5)

Median Rent: $2,500 ($2,200)

Altos: “The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to seen prices move lower as a result.”

This market’s median list price has been as high as $769,875 on Oct. 1.

85308

(Oct. 22 report in parentheses)

Median List Price: $577,450 ($530,000) (+9%)

Per Square Foot: $259 ($261)

Average Days on Market: 42 (30)

Inventory: 46 (55)

Median Rent: $2,195 ($2,400)

Altos: “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

(Oct. 22 report in parentheses)

Median List Price: $574,950 ($560,000) (+3.2%)

Per Square Foot: $290 ($292)

Average Days on Market: 28 (24)

Inventory: 26 (24)

Median Rent: $4,150 ($2,395)

Altos: “Prices have been relatively stable for a few weeks. However, inventory is sufficiently low to keep us in the Seller’s Market.”

The median list price in this area has been as high as $664,900 back on Sept. 24.

Comments

No comments on this item Please log in to comment by clicking here