Statistics show rise in Glendale median home prices

Glendale’s inventory of single-family homes for sale shrank last month, while the median price rose past the $700,000 mark, a 13% jump from the same time last year, according to the latest real estate statistics.

The median price for a single-family home was $704,000 last month, up from $623,000 in April 2013, according to statistics compiled by Realtor Keith Sorem with Keller Williams in Glendale.

The median price for a condominium was $350,000 last month, up 10% from $318,000 the same time a year ago.

Fewer homes on the market for many months now means potential homebuyers are having to cope with higher prices, said Vahe Parsekhian, a broker and owner of Americana Real Estate.

“I would definitely attribute that to the lower inventory,” he said.

In April, 68 new homes hit the market in Glendale, while 77 were put up for sale during the same time last year.

Looking at condos, 49 of them were for sale last month, compared to 41 a year ago.

A contributing factor to fewer properties being listed is that potential sellers aren’t quite as ready to put up the “for sale” sign because they’re uncertain about their next move, Parsekhian said.

“They’re worried about what kind of replacement property they’re going to find,” he said.

But one positive change Parsekhian said he’s noticed is that since the beginning of the year, more single-family homes that have been sold are becoming owner-occupied instead of being purchased by investors.

“The margins don’t exist for people who are trying to flip,” he said.

Overall, 33 condos were sold last month, a decrease from 41 in April 2013, while 43 single-family homes closed transactions last month, a drop from 52 during the same time last year.

In La Crescenta, 37 single-family homes were put for sale, down slightly from 39 in April 2013, according to Sorem’s statistics. April also saw La Crescenta’s median home price jump to its highest amount this year — $738,000 — up from $652,000 a year ago, a roughly 13% increase.

Twenty-five single-family homes were sold in the community last month, down from 35 in April 2013.

There were eight condos for sale in La Crescenta last month, down from 13 a year ago, and the median price rose from $398,000 in April 2013 to $410,000 last month.

Also, five condos sold last month, down from eight the same time last year.

Moving to La Cañada Flintridge, 33 single-family homes were on the market last month, down from three a year ago, while the median home price dropped to $1.24 million, from $1.35 million the year before.

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Follow Arin Mikailian on Twitter: @ArinMikailian.

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