Burbank home sales for 2009 were a mixed bag of news. Overall prices were down from 2008 and the amount of time that it took to sell these homes trended up. The big news is how low our inventory is, down 32% from 2008, which points to the potential for higher prices next year.
Additionally, the average sales price was down 8% from 2008, but the rate of decline is showing improvement as the sales price decline from 2007 to 2008 was 15%.
As you look at the overall chart below, I think this may all point to a continuing stabilization in the Burbank housing market for the coming year, I do have to point out that if you are waiting for huge price declines, you may be very disappointed.
Big questions marks for the coming year include: unemployment figures, direction of interest rates and future mortgage delinquencies.
Year to year, as compared with 2008, here are the 2009 stats:
- Average days on market are up 18%
- Average list price was down 11%
- Average sales prices were down 8%
- Available inventory was down 32%
- Total units sold were down 19%
Burbank Home Sales YTD Report
|
Year |
Total Listed |
Average List Price |
Total Sold |
Average Sales Price |
Days on Market DOM |
||
|
YTD 2006 |
2,475 |
$698,644 |
1,301 |
$652,740 |
44 |
||
|
YTD 2007 |
2,399 |
$676,929 |
1,116 |
$641,494 |
44 |
||
|
YTD 2008 |
1,738 |
$594,719 |
976 |
$542,280 |
55 |
||
|
YTD 2009 |
1,178 |
$530,979 |
788 |
$496,261 |
65 |
||
|
Information is Believed To Be Accurate But Not Guaranteed |
Southern California Multiple Listing Service |
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All of this information highlights the importance of using a knowledgeable and qualified realtor to help guide you through your home buying and selling decisions.
Will you be buying or selling a home in 2010?
Here are some resources:
