Glendale Traditional Sold in Six Days, 15% Over Asking!
Market remains strong, listed a lovely Traditional in Glendale(above), 2/2, 1292 sq ft, with a beautiful pool, $975K, 14 offers came in, in escrow within a week and sold 15% over asking. As long as interest rates stay low, demand will be high as the cost of carrying a loan makes buying at the higher price points tenable. Another interesting stat is that 82% of homes nationally sold in less than one month, according to the National Association of Realtors(NAR). Not surprising since inventory levels remain low.
Key highlights for this month:
- Nationally-Existing-home sales rose 0.8% in October from September to a seasonally adjusted annual rate of 6.34 million, sustaining the growth in sales in the prior month.
- The median existing-home sales price increased 13.1% year-over-year to $353,900.
- From one year ago, the inventory of unsold homes decreased 12% to 1.25 million – equivalent to 2.4 months of the monthly sales pace.
- Locally stats are below, while we have slowed, compared to the last few months, sales are still strong with a robust pool of buyers
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Single family home prices(median) for August 2021-October 2021:
| Glendale | + 11.8% |
| Burbank | + 16.8% |
| Toluca Lake* | + 35.5% |
| Pasadena | + 9.6% |
| Studio City | + 6.6% |
| Hollywood Hills* | + 59.3% |
| Valley Village | + 8.2% |
| Sherman Oaks | + 12.0% |
| Woodland Hills | + 21.4% |
are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores:
| 30 yr. fixed rate | 3.10 | ||
| 15 yr. fixed rate | 2.39 | ||
| 5 yr. adjustable rate | 2.49 |
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