The Village of Glendale has a lot to brag about. Convenient location, tree lined streets with lots of vintage homes nestled on spacious lots and a thriving square. It’s a walkable place and it’s not unusual to see both residents and non-residents enjoying shaded sidewalk cafes. But home sales in Glendale are lagging behind most of the area. The last “absorption rate” report indicated an 18 month supply of single family homes for sale in Glendale but today’s numbers reflect a slight decrease to 14.5 month supply of homes. In July 3 properties were sold and are scheduled to close in the not to distant future.
The properties that sold and closed during the last 6 months range in price from $46,000 to $838,000 with an average sale price of $356,378. Compare that to the price range of the the active listings $79,9000 through $1,390,000 with an average list price of $395,536 and the pricing of the current inventory, while slightly higher, is not way out of range.
The homes for sale feature 7 properties under $179,999, 9 properties between $250,000 thru $440,999, 2 in the $500,000-$549,999 range and 4 above the $550,000. Buyers looking at homes under $200,000 seem to be have the roughest time with obtaining mortgage approvals- usually less down payment and more lender scrutiny. The mid range homes are selling at about the same pace in Glendale as they are for all the cities and villages that make up Hamilton County and the upper price range has been a hard sell since the real estate meltdown although buyers are starting to think more about moving up before interest rates increase significantly.
The bottom line is that many of today’s buyers may be looking for newer home amenities, don’t know about the Glendale charm or aren’t in the financial position to tackle a larger older home that may require more upkeep and potentially higher utility bills. And like so many unique communities, Glendale could profit from developing empty nester dwellings at a time when many builders and developers pulled back from new construction in 2009…and haven’t fully returned to the market.
All in all it’s challenging time for sellers in the village of Glendale- however history has a way of repeating itself in real estate – market demand will either pick up, disenchanted sellers will allow their listings to expire which reduces the number of properties for sale or seller price adjustments will make the properties more competitive and attract buyers.
Stay tuned and I will let you know how the Glendale real estate market is doing 60 days from now.
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