Average selling price has rebounded to$501,564, up roughly 2% from December 2011 prices, but down from the spike we saw in January 2012. Days on market were down from 89 to 77 days in the same period.
Overall the sweet spot right now continues to be in the lower priced homes, where most of the buyers seem to be concentrated.
Today's buyers are well informed and watch the housing market for an average of 6 months before they buy. Many buyers seem hesitant to buy based on mixed economic forecasts and worries about future employment opportunities, but overall the mood does seem to be improving. Buyers know the market and are not willing to overpay on a property.
Burbank: Sales October 2011 - March 2012
|Month||Avg. Sale Price,||Avg. Days to Sell|