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Glendale, Burbank home market still stalled

High demand leads to bidding wars on the few properties available.

July 14, 2012|By Mark Kellam, mark.kellam@latimes.com

A lack of consumer confidence and high number of homeowners who owe more on their homes than they're worth continue to keep the housing market from making a recovery. But burgeoning buyer demand is leading to bidding wars that are pushing up median sale prices in some areas, according to the latest data.

The median price for a single-family home in Glendale rose from $646,000 in June 2011 to $672,000 last month, according to statistics compiled by Realtor Keith Sorem, with Keller Williams Realty in Glendale.

Contributing to that trend is the fact that despite higher demand among buyers, there are fewer homes on the market. The housing inventory in Glendale shrank 31.4% last month, with just 118 houses on the market compared to 172 during the same period last year.

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The number of homes sold dipped by 8% last month to 46.

Rose Linda Gonzales, a Realtor with Dilbeck Real Estate in La Cañada Flintridge, said potential buyers are facing healthy competition in the market, sometimes from investors who are willing to make all-cash transactions.

She said some buyers, particularly first-timers, can get frustrated when they get knocked out of the purchasing game multiple times. However, she tells them that this is the time to make an investment for the future.

“The buyers are realizing they had better hop on it and buy something,” she said.

The key, Gonzales said, is that more homes are priced reasonably, compared to last year.

It's much of the same in Burbank, where demand also is far outstripping supply, Realtors report.

There were 119 single-family homes for sale last month compared to 202 in June 2011, according to statistics compiled to the Burbank Assn. of Realtors.

At the same time, the median price in Burbank jumped to $550,000 from $505,400 in June of last year. Likewise, the number of homes sold climbed to 49 last month.

There were 12 condominiums for sale last month, compared to 21 in June 2011. For the 11 that sold last month, the median price rose by almost 15% to $310,000.

Bank-owned homes made up about 33% of total sales of single-family homes and 36% of condominiums sold.

In Glendale, there was an even more drastic drop in available condos.

Fifty-three condos were on the market last month, an almost 58% drop from the 125 in June 2011.

The number of condos that did sell slid by two to 32, with the median price edging down to $282,000.

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