Prices increase for single-family dwellings in Burbank

The median price for a single-family home in Burbank jumped to $650,000 in May, the highest point so far this year, but up only roughly 2% from the same time a year ago, according to the latest real estate report.

The median price for a home was $637,000 in May 2013, while the going rate was $622,500 this past April, according to statistics compiled by Realtor Eric Benz with Dilbeck Real Estate in Burbank.

The median price for a condominium saw a bigger jump, a 23.7% hike from May 2013 to $425,000 last month.

“Anything well-priced is getting multiple offers and frustrating a ton of buyers,” Benz said.

He added that the current market continues to be good for sellers, not so good for buyers and rough on agents, who care about the buyer’s peace of mind.

Looking at other statistics, 79 single-family dwellings were for sale in May, compared to 73 a year ago, according to Benz’s data.

Only 56 new homes hit the market in February.

Seventy-nine condos were listed last month, six more than in May 2013.

Last month, 36 homes were sold, down from 40 a year ago, while 16 condos were purchased, down only one from May 2013.

Distressed homes, which includes bank-owned and short-sale properties, continued to decline last month, according to the real estate data.

Only one distressed single-family home was sold last month, compared to five a year ago, while three distressed condos were sold, half as many as in May 2013.
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Follow Arin Mikailian on Twitter: @ArinMikailian.

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