Glendale AZ Real Estate: Moving Forward

Though the West Valley was hit hardest when the Phoenix real estate bubble burst, recovery is definitely in the books this year for areas such as the Glendale AZ real estate market. According to a report by AZCentral, “the West Valley has evolved from an area known mainly for affordable houses to metro Phoenix’s fastest-growing region, with the newest freeways, most popular new-home communities, retirement enclaves, and growing job hubs.” Let’s take a look at the Glendale AZ real estate market outlook for the rest of 2015.

Glendale AZ Real Estate: Affordable and Growing

Housing construction has historically been a measure of a market’s overall health, and with new-home permits shifting from the Southeast Valley to the West (which holds 60% of the Phoenix metro area’s vacant building lots), the Glendale AZ real estate market is poised to benefit. However, even with the construction of new homes, Glendale remains affordable. Buyers are able to enjoy newer houses that reflect the quality of Scottsdale, Chandler, and north Phoenix homes — but at a cost of 25% to 50% less.

Glendale AZ Real Estate: Prices

The key to understanding the recent Glendale market, according to an AZCentral article by David M. Brown, is to follow the shift in prices, particularly in the difference between listing prices and actual prices of homes. At the end of 2013, there was only a $6 per-square-foot difference between asking and sales prices in Glendale AZ real estate, meaning that sellers were properly reading buyers, and contributing to a balance between the two. However, in the second quarter of 2014, seller confidence exceeded the market, and the difference in listing and sales prices soared to $40 per square foot. Towards the end of 2014, though, Glendale sellers became more realistic in their asking prices, with $120 being asked against $106 per square foot being sold.

Glendale AZ Real Estate: A Healthier Market

The expectation for 2015 is that Glendale AZ real estate will continue to make a return to balance, with buyers and sellers finding themselves on more equal footing. New listings are now typically on the market for almost 90 days, in a jump from the low 60s only a couple of years ago. Though this may seem negative for sellers, it is actually a return to a much healthier market for Glendale. Again, with only a $14 difference between asking and actual prices, we see that sellers are reading the market more carefully. There has been a decline in foreclosures in recent years, due to banks working through them to return homes to the market; by now, many former homeowners who lost their homes to foreclosure or short sales are now able to qualify for a new mortgage. All in all, the Glendale AZ real estate market is looking up with cautious optimism.

Whether you’re looking to buy or sell in the Glendale AZ real estate market, the qualified and experienced agents at CENTURY 21 Northwest Realty are here to help. With the market looking up, now is the perfect time to jump into the Glendale AZ real estate market, so contact CENTURY 21 today to see all that we can do for you!