Glendale housing prices mostly flat over past month
Rent in one ZIP, however, down 59% since November
[Realtor.com]
This home in the 85310 ZIP code sold for $645,000 on Jan. 17. Sheri McBroom with Keller Williams Northeast Realty represented the seller, and Corey Hord with EXP REALTY represented the buyer.
“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):
85301
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.
85302
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.
85303
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.
85304
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.”
85305
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.”
85306
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.”
85307
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.”
85308
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.”
85310
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 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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