Here are the Burbank home sales for September, October and November. If you look at the chart below, you’ll notice a few things.
First, the number of new listings, while showing a brief spike in October is down.
Average days on market is trending higher and the number that went under contract, or pending increased, most likely to all those buyers that were trying to get in before the initial November 30th deadline for the home buyer credit.
Average list price is down and the percentage of sales price over list shows that homes are selling for very close to the listed price. This tells us that properties, for the most part, are being priced well and we’re not seeing huge discounts over the list price.
Average sales prices are down from September levels, and seem to be adjusting back to the levels we saw at the beginning of the year.
Number of homes sold was down sharply from October and September levels.
This could be reflecting tighter lending standards, delays with closings, appraisal issues etc. Inventory is low, so that will factor in as well.
Burbank Homes for Sale Report
|
|
New |
Avg List Price |
Under Contract |
Avg List Price |
Sold |
Avg Sale Price |
%SP/LP |
Avg DOM |
|
September |
95 |
$507,353 |
54 |
$506,872 |
73 |
$528,950 |
98.80% |
52 |
|
October |
119 |
$570,194 |
44 |
$472,874 |
72 |
$502,428 |
99.01% |
51 |
|
November |
90 |
$504,803 |
63 |
$471,676 |
46 |
$471,454 |
99.37% |
70 |
|
Year to date |
1,116 |
$530,475 |
146 |
$473,599 |
714 |
$494,733 |
98.35% |
67 |
Information is Believed To Be Accurate But Not Guaranteed Southern California Multiple Listing Service
