Glendale Update and Graphs
Last month in Glendale we saw a slight dip in sales when compared with not only last April but all of the past 5 Aprils. Inventory levels were close to what they were in each of the past years, but the average sales price was dramatically higher – this may have had an effect on the drop in sales.
What we’re seeing is a seller’s market where prices are hitting an affordability ceiling which may start to negatively affect overall sales. Those properties priced well sell very quickly now with multiple offers; those priced too high will sit on the market.
Buyers are not willing to pay above what they feel a property is worth or what the comparable sales indicate a property’s value is. Sellers who understand this and price within the correct range are being successful at selling – those who price too far out of a reasonable range are unsuccessful.
Here are the Glendale graphs to show you what has been going on. (Click or tap on the sales graph to see it larger sized.)
La Cañada Update and Graphs
When you see the graphs for La Cañada you’ll probably better understand why you have to know the local real estate market conditions for a specific area rather than just go by the overall market conditions for the country, a part of the country or even a large city.
Though La Cañada-Flintridge and Glendale are right next to each other, they do not necessarily have the same market conditions each month. And that was definitely true last month.
Where Glendale saw a big jump in the average sale price, La Cañada-Flintridge saw a slight decline in the average sale price. La Cañada-Flintridge sales in April were only 3% lower than April of 2015 while Glendale was nearly 20% lower. These are the kind of differences that have to be paid attention to so that you are dealing with the market conditions for the specific area in which you want to buy or sell. When you are ready to buy or sell then let me know and I can get even more specific and get you market conditions for a particular neighborhood to be even more accurate!
Here are the La Cañada-Flintridge graphs to show you what has been going on. (Click or tap on the sales graph to see it larger sized.)
(Information for the sales charts was taken from TheMLS® for the period of Jan 2011 thru April 2016. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of TheMLS®. Information deemed reliable but not guaranteed.)