Wednesday, October 24, 2012


Burbank and Glendale Real Estate Update!

We are seeing the same trend in the Burbank and Glendale real estate markets that are reflected in the statewide numbers.   Burbank and Glendale homes for sale are continuing to see multiple offer situations due to very low inventory and a steady supply of buyers.

Banks have slowed the pace of bringing foreclosures to market.  The banks are working with homeowners to keep them in their homes and as we work through the recovery process the shadow inventory should continue to shrink as the number of homeowners behind on their payments lessen.




Burbank
 

  June-August 2011  June-August 2012 % change
Total properties sold 107 141   +31.8%

 
Average price (sold) $519,696 $522,202 +0.5%  
Average price per sq.ft.(sold) $336 $334 -0.5%
Average days on market (sold) 62 63 +1.6%
Average sold price/list price % 97.7% 99.5% +1.8%
Pending properties(at end of period) 46  57 +23.9%
Total properties for sale( at end of period) 102 55  -46.1%
Average price of properties for sale $600,262 $645,704 +7.6%
                                                     

We currently have 1.2 months supply of inventory, down from 1.6 months that was reported in the March-May 2012 period.



Glendale
  June-August 2011  June-August 2012 % change
Total properties sold 122  135 +10.7%
Average price (sold) $635,251  $657,411 +3.5%  
Average price per sq.ft.(sold) $338 $333 -1.4%
Average days on market (sold) 70 72 +2.9%
Average sold price/list price % 97.2% 98.7% +1.5%
Pending properties(at end of period) 114 105 -7.9%
Total properties for sale( at end of period) 281 145 -48.4%
Average price of properties for sale $764,336  $812,790 +6.3%

                                                         
We currently have 3.2 months supply of inventory, down from 4.8 months that was reported in the March-May 2012 period.





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