The Glendale Star
12
December 23, 2021
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Seasonal slowdown nowhere to be found BY LISA BAKER
Typically, the local market experiences a slowdown in the fall that continues through late winter. As you may have noticed, nothing about this year’s market has been typical. The average number of days a listing spent on the market in Maricopa County increased from 29.6 days in October to 31.5 days in November. According to The Cromford Report, 46% of sales closed in Maricopa County during November sold for over the listing price, down from 47.7% of October sales, while the closing price per square foot increased from $272.91 in October to $274.62 in November. In November, 388 MLS listing sales closed in Glendale, and 330 in Peoria. Today, there are 191 active and available listings — not counting properties already under contract or pending close of escrow — in MLS in Glendale and 198 in Peoria. That is 49.2% of one month’s inventory in Glendale, down from 53.82% last month, and 60% of
one month’s inventory in Peoria, up from 58%. Maricopa County inventory is 64.9% of November’s closed sales, down from 79.8% this time last month. According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, Peoria listings in the $200,000 to $399,999 range had an average of 14.70 showings per listing, up from 11.63 in October. Glendale homes in the $200,000 to $399,999 range saw a slight decrease in the average number of showings per listing from 12.85 to 12.50. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher. According to Freddie Mac, as of Dec. 16, National Mortgage Rates reported U.S. weekly averages of 3.12% for a 30-year fixed, 2.34% for a 15-year
fixed, and 2.45% for a five-year ARM. According to MLS statistics, 76% of Maricopa County buyers financed their home purchase in November, while the rest paid cash. Buyers using a conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $210,000 in Maricopa County, $270,000 in Glendale, and $335,000 in Peoria. Conventional financing made up 74.3% of November financed sales. In November, FHA buyers in Maricopa County paid a minimum of $215,490 for a detached home with three bedrooms and two baths. Peoria FHA buyers paid a minimum of $290,000, and Glendale FHA buyers paid $310,000. FHA buyers made up 9% of financed purchases in November. Maricopa County VA buyers making a similar purchase paid a minimum of $256,000, paid in Peoria, while Glendale VA buyers paid a minimum of $356,000. Home sales financed with VA loans made up only 5.8% of November financed sales.
BY GLENDALE STAR STAFF Marcus & Millichap brokered the sale of Glenn Isle, a 22-unit apartment property in Glendale. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3.425 million. “Setback from Glendale Avenue between Glendale’s historic Downtown and Westgate entertainment districts,
Glenn Isle is poised for sustained rental growth and desirability,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was procured by Bay. Glenn Isle is located at 6802 W. Glendale Avenue.
Glenn Isle is a 22-unit apartment property between Glendale’s historic Downtown and Westgate entertainment districts. (Photo courtesy of Marcus & Millichap)
Glendale Star Contributing Writer
Marcus & Millichap brokers sale of Glenn Isle
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The remaining financed transactions used other financing methods. For the week ending Nov. 28, 4% of Maricopa County sellers contributed to their buyer’s closing costs, up 1% from Oct. 31. At the other end of the market, the highest-priced home sale in Maricopa County last month sold in Paradise Valley for $14 million. In November, Peoria’s highest-priced home sale sold for $2.372 million, and the highest-priced November sale in Glendale sold for $1.178 million. If your finances are experiencing a slowdown, know that you are not alone. Homeowners, tenants and landlords are encouraged to reach out to the Department of Housing and Urban Development’s housing counseling program at 1-800-569-4287 or visit consumerfinance.gov/housing to find the assistance you need for your situation. Lisa R. Baker is a Realtor and a community volunteer in Glendale. She can be reached at me@LisaRBaker.com.
Contact Christina Fuoco-Karasinski at christina@star-times.com
