Single-family home and condo inventory rises in the Glendale area
The number of single-family homes and condominiums for sale grew last month, continuing a see-saw effect in the number of residences on the market over the past several months in the Glendale area, though these hikes were larger than in the past.
There were 116 homes on the market last month, up almost 40% from 83 in May 2013, according to statistics compiled by Realtor Keith Sorem with Keller Williams in Glendale.
For condos, there were 62 for sale last month, up a whopping 72% from 36 the same time a year ago.
Realtor Ira Bland with Century 21 Crest in La Crescenta said he is seeing some more housing inventory coming online, but there are a lot of potential sellers who are sitting on the sidelines.
“There still are people who are underwater, so it’s difficult for them to do anything right now,” he said.
He added that some homeowners are also staying put because they can’t qualify to buy another house.
“There are a number of factors,” he said.
Median prices continued to rise, though not as briskly as in past months, according to Sorem’s statistics.
The median price for a single-family was $760,000 last month, ticking up from $740,000 in May 2013.
The median price for a condo rose more dramatically, up from $315,000 in May 2013 to $380,000 last month.
The number of homes sold edged up slightly — 57 last month compared to 54 in May 2013 — while the number of sold condos slid, from 43 in May 2013 to 33 last month.
Bland said one potential factor that could impact the housing market in the future is the number of homeowners who took out home-equity lines of credit before the housing-market bust.
Some of those homeowners opted for a payment structure where they paid only on the interest for 10 years. They may be reaching the point where they’ll have to pay on the interest and principal soon, Bland said.
“Some of those people may be in for a shock,” he added.
He said banks may be working with those holders of equity lines of credit to soften the blow, but some homeowners may be caught off-guard and the market could see an increase in short sales if it’s too much for them to handle financially.
Looking at real estate statistics in other areas, the number of homes for sale increased to 48 last month in the La Crescenta-Montrose area, a hefty hike from 29 in May 2013. The median price grew slightly, from $679,000 in May 2013 to $685,000 last month.
The number of homes sold also edged up, coming in at 33 last month, compared to 28 in May 2013.
In La Cañada Flintridge, the number of homes for sale declined from 48 in May 2013 to 32 last month. The median price rose to roughly $1.3 million last month, from about $1.24 million the same time last year.
The number of homes sold also increased, from 20 in May 2013 to 24 last month.
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Follow Mark Kellam on Twitter: @LAMarkKellam.
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