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Local real estate market continues to be soft

July 15, 2011|By Mark Kellam, mark.kellam@latimes.com

Another slump in local residential sale prices in June indicates a soft market during a time of year when real estate activity is usually surging.

The average sale price of a Glendale home in June was $515,784, down from $533,671 the same time last year, according to statistics compiled by Keith Sorem, an agent with Glendale Keller Williams. There were 61 pending sales at the end of June, one more than in June 2010.

In Burbank, the average sale price was $453,218 in June, compared to $493,478 a year earlier, and the number of pending sales took a tumble, from 47 to 38.

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The percentage of deals involving bank-owned properties fell in Burbank by about 4.5% and dipped only 0.5% in Glendale.

Short sales, in which lenders let owners sell their homes for less than what they owe on the mortgage, jumped by about 12% in Glendale, but dropped by 3% in Burbank.

At the same time, the number of new listings grew modestly in Glendale, La Cañada Flintridge and the La Crescenta-Montrose area, but decreased in Burbank, from 88 to 70.

The one silver lining: even though more than one-third of sales were distressed properties — bank-owned homes or short sales — prices have remained relatively steady compared to last year, Sorem said, declining just only $4.69 per square foot in Glendale and $22.77 in Burbank.

“That’s pretty amazing,” he said.

John Maseredjian, director of business development at John Hart Real Estate in Glendale, said more homeowners are opting for short sales because they see so many loan modifications fail.

“They figure they should get out of the situation before it gets worse,” he said.

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