Burbank single-family home prices increase

The median price for a single-family Burbank home in April was up more than $20,000 above what it was during the same time last year, while sales for both homes and condos have steadily risen, according to the latest real estate numbers.

The median cost for a single-family residence last month was $622,500, a 3.6% boost from $600,000 in April 2013, according to statistics compiled by Realtor Eric Benz with Dilbeck Real Estate.

Condominium prices also saw a jump, going up nearly 19% from 350,000 to $416,000, according to the data.

However, the number of new listings dropped with 54 single-family homes hitting the market last month, down from 81 put up for sale in April 2013.

There were also 22 condos listed for sale in April, fewer than the 30 put on the market during the same period a year ago.

Despite the ongoing shrinking inventory, Brad Korb, a real estate broker and owner of the Brad Korb Real Estate Group, said he’s glad for the changing reason why many of those homes are for sale today.

“Last year and in prior years, we had more short sales and bank foreclosures. Now, there’s hardly any short sales,” he said. “The majority of sales are traditional sellers.”

He said the drop in short sales is due to a gradual economic recovery and as a result, people are regaining equity in their homes.

“People are now staying in their house and make it work for them,” Korb said.

And he said if interest rates stay low or barely go up at all, he expects home values to increase between 3% to 5% by the end of the year.

Looking to completed transactions, 47 single-family homes were sold in April compared to 38 a year ago, according to Benz’s data.

Sixteen condos were sold last month, up from 11 in April 2013.

Only five distressed homes were sold last month, up from two a year ago, while only one distressed condo was sold, down from four in April 2013.
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Follow Arin Mikailian on Twitter: @ArinMikailian.

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