A sage rock preacher once proclaimed, “You can’t always get what you want.”
Sorry, Mick Jagger, but the West Valley housing market is proving the Rolling Stones wrong on this note.
According to RealtyHop, a national real estate listing company, “Glendale ranked in the top 10 hottest housing markets in December, with a -1.92% change in asking price.”
It means Glendale home sellers got almost everything they wanted. On average, Glendale sellers were dropping prices less than 2%, giving them more than 98% of their asking prices. It landed Glendale in the top five of the RealtyHop study.
Glendale “increased three spots to become the fifth hottest market this December,” according to the RealtyHop report. “Similar to nearby cities in Arizona, Glendale properties required very small discounts from initial offering to sell.”
Peoria, Goodyear and Avondale didn’t make RealtyHop’s hot list only because they are not in the top 100 cities by population.
“Peoria saw a price drop of only 1.7% – even better than Glendale,” said Shane Lee, a data analyst for RealtyHop.
She said the RealtyHop study showed Goodyear to be identical to Glendale, with a 1.9% price drop. Avondale was slightly better, Lee said, with a 1.8% price drop.
Indeed, real estate people say West Valley homes sell right at — and sometimes over —the asking price.
“Most of Glendale and Peoria (sellers) are getting multiple offers in, which could lead to a sales price over asking price. Or at least minimizing the price drop,” said Elise Fay, of eXp Realty.
Mason Oxendale, of the Realty One Group, said homes in Glendale and Peoria are selling “at or above asking price because people want to live in a specific location.” He added the sports stadiums and arenas are a big part of the attraction.
RealtyHop’s analysis of more than 300,000 listings showed Glendale - and the rest of the West Valley - one of the healthiest real estate markets in the country, said Lee. A few other cities around the West Valley showed similar or even smaller price drops.
“They’re all very healthy,” Lee noted of the West Valley.
“There’s a lot of reasons for this,” Lee said. “Landlords and brokers are pricing the properties properly; they’re not listing too high.”
The data shows West Valley real estate professionals are skillful at “The Art of the Deal,” to quote a book by President Donald Trump.
“To talk about price drops, we have to talk about how people are negotiating,” Lee said. “A lot of times sellers will set a higher price. This makes listings stay on the market longer, so you’ll start seeing price drops. Generally speaking, a larger percentage of price drop means sellers are not able to attract buyers.
“Glendale being under 2% (price drop) is very healthy.”
While Lee and RealtyHop are based in New York City, they know all about the Valley as a real estate hotbed.
“Metro Phoenix has been growing a lot over the past five years,” Lee said. “My background is real estate finance, so a long time ago I noticed this population growth.”
While Glendale home prices have been increasing, for places like New York and California, the prices here are shockingly low.
The headline of a recent RealtyHop blog tells the story: “Must-See Apartments in Chelsea for $900,000 and Down.”
In Los Angeles, Miami, New York City and San Francisco, residents spend more than 80% of their incomes on homes.
“In Glendale, you only need 30% of annual income to go to housing,” Lee said.
It put Glendale just outside the top 10 most affordable cities list, according to a RealtyHop November study.
For more, see realtyhop.com/blog.