A sage rock preacher once proclaimed, “You can’t always get what you want.”
Sorry, Mick Jagger. The West Valley housing market is proving the Rolling Stones wrong on that 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.”
“Peoria saw a price drop of only 1.7% —even better than Glendale,” said Shane Lee, a data analyst for RealtyHop. This means Peoria home sellers got almost everything they wanted. On average, Peoria sellers were dropping prices less than 2%, giving them more than 98% of their asking prices.
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.”
RealtyHop’s analysis of more than 300,000 listings showed the West Valley is 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, compared to Glendale.
“They’re all very healthy,” Lee noted of the West Valley.
Indeed, real estate people say West Valley home sellers often get very close to — or even over – the asking price.
“Most of Glendale and Peoria (sellers) are getting multiple offers in, which could lead to a sales price over the 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.
Peoria didn’t make RealtyHop’s hot list only because it isn’t in the top 100 cities by population.
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. The 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 and Peoria) being under 2% (price drop) is very healthy.”
While Peoria and 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 incomes on homes.
“In Glendale, you only need 30% of annual income to go to housing,” Lee said.
That put Peoria and Glendale just outside the top 10 most affordable cities list, according to a RealtyHop November study.
For more, see realtyhop.com/blog.