Located in the Los Angeles County of California, Glendale is a bustling city with a lucrative real estate market. In comparison to last year, Glendale real estate continues to be a seller’s market, meaning that homes typically sell at higher prices, and at a much faster rate rather than homes in a neutral or buyer’s market. A seller’s market also indicates that there are currently more people looking to buy property than there are properties readily available. These trends make for a competitive market, and the best opportunities for selling.
This guide takes a look at specific market trends that prove why Glendale is one of the best places to sell real estate. Read on to learn more about what makes selling Glendale real estate the best option if you’re looking to turn a high profit on property.
Median sold price
The median sold price is the average price of homes sold over a specific time period, usually reported on both a monthly and annual basis. Glendale has seen a steady increase in the median sold price over the past few months alone. In June 2022, the median hovered around $800,000, but that median increased to nearly $1.1 million the following month. Overall, homes in Glendale have sold for 10% more than they did in 2021, demonstrating significant growth in the market over the past year.
Houses don’t typically sell for less than the asking price. Data shows that 75% of buyers in June 2022 paid more than the asking price due to the competitive market. With fewer properties than there are prospective buyers, the buyers are more likely to submit higher offers on a chosen property in an attempt to outbid one another. Such is the nature of a seller’s market, resulting in bidding wars and, in turn, higher profits for sellers.
Number of homes for sale
The number of homes for sale, paired with the data from the median sold price, helps determine whether a market is leaning toward seller, neutral, or buyer. As mentioned before, Glendale is a seller’s market, with a little under 300 homes currently listed for sale. Many of these properties are luxury homes and condos all located within the metropolitan area. You can view these listings and their value to see exactly how much these homes tend to sell for. Remember, a majority of buyers offer more than the asking price, so the values you see are only a base rate which will more than likely sell for much more.
Average sale time
The average sale time is an important factor to consider when selling real estate. Sellers don’t want to spend months waiting for their properties to sell. Fortunately, Glendale homes tend to sell much faster, with listings staying on the market for about 20-30 days. The recent data shows that listings haven’t exceeded 90 days on the market, meaning that you’re sure to sell your property within a couple of months or less.
Average sale times are also affected by real estate agents. A good, experienced real estate agent will actively work with you and employ a marketing strategy to generate exposure for your listing and, thus, sell it in a timely manner.
Additional sale time factors include negotiations between buyers and sellers, how long it takes for buyers to secure loans, and the current selling season. The shorter average for Glendale is further proof of its highly competitive market.
Selling season
The best time for selling Glendale real estate is late spring through summer, usually in the months of May, June, and July. Spring and summer typically make for the best selling season, even for people already living in warmer climates like California. To further decrease your listing’s sale time, work with your real estate agent to ensure you start selling and marketing during the peak season.
Other resources
The National Association of Realtors is an important resource for analyzing trends and data in the industry. If you’re an inexperienced seller, consult your real estate agent to help you read and understand the data, and how it applies to you and your property.
You’ll also want to take a look at the Glendale Association of Realtors for information and resources specific to Glendale real estate. Membership with GAOR provides services meant to improve your ability to conduct business in the real estate industry, so if you’re interested in selling multiple properties in Glendale, it would be worth considering looking more into the organization’s membership and benefits.
The California Association of Realtors is also host to additional resources, including interactive reports on market trends and other related data. For exorbitant areas like Glendale, take a look at specific resources for luxury real estate such as CAR.’s Luxury Market. It may also help to compare the statistics across California’s regions to better understand why Glendale is arguably one of the best places to sell property.
Be sure to navigate these resources with your real estate agent in case you have any questions or concerns. They will be happy to provide answers and prepare you for a successful, profitable venture in Glendale.
The Glendale real estate market is on the rise and you don’t want to miss the boat when it comes to selling your home for top dollar. Now is the best time to reach out to an experienced real estate agent to help you get started with the selling process. Andy Hairabedian is a top-rated agent with proven experience and client satisfaction, so make sure you reach out to him as soon as you can. His skills and expertise will help you turn the highest profit on your property. Reach out today for more information and to see how he can help you.
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