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Glendale housing, rental market fluctuates wildly in 1 month

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Another month means another series of fluctuations in the Glendale housing and rental market.

Residents can be forgiven if trying to keep up with prices is as unpredictable as the Arizona Cardinals the past few weeks. The same past few weeks have seen ZIP codes around town continue their wild rides up — and down.

Consider that, according to data from industry tracker Altos Research as of Dec. 22:

  • In one ZIP, the median list price for a home is up 9% over the past month after taking a 13% dip the previous month. Oh, and rent there is up 48% in four weeks.
  • In another part of town, the median list price is down 14% in one month following a slight gain the previous month.
  • Rent in one area was up a whopping 143% from October to November, but from November to December the average rent — you guessed it — is down 30%.

Here’s a breakdown of each Glendale ZIP code as of Wednesday, Dec. 22:

85301

(Nov. 24 report in parentheses)

Median list price: $377,450 ($345,000) (+9%)

Price per square foot: $228 ($223)

Average days on market: 19 (17)

Inventory: 18 (25)

Median rent: $2,008 ($1,495)

Summary: The median house list price rose 9% from one month ago, after dipping 13% from October to November. Rent has risen 48% here in the past four weeks.

85302

(Nov. 24 report in parentheses)

Median list price: $422,000 ($435,000) (-3%)

Price per square foot: $235 ($230)

Average days on market: 34 (44)

Inventory: 25 (20)

Median rent: $2,083 ($1,920)

Summary: After showing almost a 9% gain from October to November, the median list price over the past month is down 3%. The average rent has ticked up 8.5% in four weeks.

85303

(Nov. 24 report in parentheses)

Median list price: $437,450 ($419,000) (+4.4%)

Price per square foot: $243 ($216)

Average days on market: 20 (23)

Inventory: 12 (9)

Median rent: $1,850 ($1,837)

Summary: Change in this part of town hasn’t been too dramatic during the past month, although the average price per square foot has risen 12.5% in one month.

85304

(Nov. 24 report in parentheses)

Median list price: $434,950 ($419,900) (+3.8%)

Price per square foot: $250 ($236)

Average days on market: 30 (25)

Inventory: 29 (25)

Median rent: $1,999 ($2,100)

Summary: In a rarity within Glendale ZIP codes, the average rent in 85304 is down almost 5% over the past four weeks.

85305

(Nov. 24 report in parentheses)

Median list price: $544,950 ($540,000) (+1%)

Price per square foot: $204 ($194)

Average Days on Market: 23 (21)

Inventory: 8 (11)

Median Rent: $4,173 ($5,975)

Summary: Average rent prices have taken a wild ride the past two months. From October to November, rent blew up 143% in the span of one month. From November to December? Down 30%. Home sale prices have slowed. After experiencing a median list price increase of 15% from October to November, that number grew just 1% over the past four weeks.

85306

(Nov. 24 report in parentheses)

Median list price: $437,500 ($438,700) (-0.3%)

Price per square foot: $236 ($236)

Average days on market: 72 (55)

Inventory: 17 (16)

Median rent: $2,045 ($2,110)

Summary: Things stayed relatively static over the past month.

85307

(Nov. 24 report in parentheses)

Median list price: $431,950 ($502,995) (-14%)

Price per square foot: $226 ($208)

Average days on market: 25 (35)

Inventory: 6 (6)

Median rent: $1,995 ($2,500)

Summary: The 14% dip in median list price is the city’s biggest drop over the past month. Also, rent has dropped 20%. Altos says, “It is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.”

85308

(Nov. 24 report in parentheses)

Median list price: $562,450 ($577,450) (-2.6%)

Price per square foot: $255 ($259)

Average days on market: 42 (42)

Inventory: 48 (46)

Median rent: $2,095 ($2,195)

Summary: After a 9% rise in median list prices from October to November, that number dropped 2.6% this month. Altos’ forecast for 85308 says, “Market appears to have begun to cool. As we’re still notably in the seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall.”

85310

(Nov. 24 report in parentheses)

Median list price: $625,000 ($574,950) (+8.7%)

Price per square foot: $292 ($290)

Average days on market: 56 (28)

Inventory: 15 (26)

Median rent: $2,000 ($4,150)

Summary: Housing inventory has dropped dramatically, down 42%. Meanwhile, the average days on market in this area has doubled over the past month. The average rent continues its wild ride. After rent increased 73% from October to November, it’s now down 52% this month.

Altos Research, Glendale, Arizona, real estate, home sales, rental property

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