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Glendale real estate figures are mixed

Sales of homes dip in Glendale, though inventory and prices have increased.

February 25, 2014|By Mark Kellam, mark.kellam@latimes.com
  • A house for sale is seen in Glendale Friday February 20, 2009.
A house for sale is seen in Glendale Friday February 20,… (File Photo )

Housing inventory and median prices continued to rise last month compared to a year earlier. However, homes sales dropped in Glendale, while they continued to climb in La Cañada Flintridge and the La Crescenta-Montrose area.

There were 83 single-family homes on the market last month, up by more than 18% from 70 in January 2013, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.

Condominiums saw a 59% jump, going from 27 for sale in January 2013 to 43 last month.

While this is the second consecutive month that there’s been a rise in housing inventory in the Glendale area, that’s not the case throughout Los Angeles County, which continues to experience a squeeze on the number of homes for sale, said Paul Habibi, real estate professor with the UCLA Anderson School of Management.

He said basically two factors are keeping inventory tight.

First, there’s a lack of land in the county where new homes can be built. Second, potential home sellers are watching rising median prices, which recorded a dramatic 20% year-over-year increase last year. They’re wanting to see if there’s a similar spike this year, even if it’s a more modest 15%.

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“When potential sellers are seeing the market improve, they like to hang tight,” Habibi said.

However, he doesn’t see another surge happening. Instead, he predicts more like 6% to 8% price increases for the next two to three years.

The median price for a single-family home in Glendale rose from $630,000 in January 2013 to $750,000 last year, according to Sorem’s statistics. The median price for a condo was $309,000 last month, up from $270,000.

Habibi said another factor thinning the housing inventory is tied to potential buyers who have become more affluent in recent years and would like to purchase bigger, more expensive homes.

“The move-up buyer doesn’t have a lot of options,” Habibi said, because, again, the number of homes for sale remains low.

Looking at sales, the numbers of homes and condos sold declined last month.

Transactions closed on 37 homes last month, down 14% from 43 in January 2013. There were 16 condos sold last month, a more than 38% drop from 26 a year prior.

In the La Crescenta-Montrose area, the number of homes for sale jumped from 15 in January 2013 to 24 last month. Condos also saw a slight increase, going from three sold a year ago to five last month.

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