In March 2024, the Glendale real estate market demonstrated strong dynamics as evidenced by growth in listings and changes in sales volumes across various price segments. This report delves into key metrics and trends that defined the local market based on data from the Arizona Regional Multiple Listing Service (ARMLS).
Market Overview
Active Listings: There was a significant increase in active listings, with a total of 19,837, marking an 18.8% rise from the previous year.
Median List Price: The median list price for active listings was $495,000, up 5.32% year-over-year, suggesting a steady appreciation in property values.
Sold Listings: The market saw a mixed response in terms of sales, with certain price segments experiencing more activity than others.
Key Statistics and Trends
Absorption Rate: The absorption rate increased to 3.28 months from 2.48 months in the previous year, a substantial rise of 32.26%, indicating a quicker turnover of listed properties.
Average Sale Price: The average sale price for homes was $580,724, reflecting a 7.15% increase from the previous year, aligning with the general upward trend in home values across the region.
Days on Market: Homes spent fewer days on the market compared to last year, with the average cumulative days on market (CDOM) dropping from 76 to 67 days.
Sales Performance by Price Range
Lower Price Segments: Notably, homes priced under $100,000 showed robust sales activity, suggesting strong demand in the more affordable segments of the market.
Mid-Range Segments: The $200,000 to $499,999 price range experienced varying degrees of sales declines, highlighting potential market adjustments or shifts in buyer interest.
High-End Market: Properties priced above $1,000,000 continued to see growth, with significant year-over-year increases, particularly in the $1,500,000 to $1,999,999 range, where sales surged by 22.7%.
Future Outlook
The Glendale real estate market is characterized by its resilience and dynamic nature. With increases in median and average prices, alongside a faster absorption rate, the market is likely to remain competitive. Buyers should be aware of the potential for rising prices and prepare for quick decision-making due to shorter days on market. Sellers might find it advantageous to enter the market now to capitalize on the appreciating property values and high demand, especially in the high-end segments.
Conclusion
March 2024 has been a pivotal month for the Glendale real estate market, showing significant activity and growth. The increase in both entry-level and luxury home sales underscores a diverse and healthy market environment. You are encouraged to monitor these trends closely as they consider their real estate investments or purchases in Glendale.
Data Verification and Reliability
The data provided herein is based on ARMLS figures and analyzed to give a comprehensive overview of the current market situation in Glendale as of March 2024.
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