Home sales, prices rise in Burbank

The number of homes and condominiums on the market in October continued to lag against a backdrop of brisker sales and higher prices, according to the latest real estate report.

There were 106 single-family homes for sale last month, down from 169 during October 2011, according to statistics compiled by the Burbank Assn. of Realtors.

However, the number of homes sold jumped last month to 38 from 28 compared to the same period. The median price also increased to $518,500 compared to $459,500 in October 2011.

Condominiums followed the same trend with 19 condos on the market last month, a slump from 31 in October 2011.

The number of condos sold rose slightly to 10 last month, while the median price climbed from $262,500 to $313,000 in the same year-to-year comparison.

There were five bank-owned properties sold last month and 16 short sales, where a lender lets a homeowner put a house on the market for less than is owed on the mortgage.

Other communities in the tri-city area are also seeing short sales outnumbering the sale of bank-owned properties.

Realtor Caleb Gonzalez with VonKeith Properties in Burbank said he’s still seeing multiple offers from a flurry of potential buyers.

“There are lots of buyers who want to buy and that’s exciting, but competitive,” he said.

He added that he’s finding a new level of confidence among consumers — and not just in housing.

“They feel good about their jobs, which impacts their buying ability,” he said.

Gonzalez said he noticed a slight increase in the number of buyers back in March.

But as the summer took hold, he realized properties were “flying off the shelves and there’s not a lot of stuff coming on.”

Usually as the holidays near, the real estate market slows down, Gonzalez said.

“But I’m not seeing that right now,” he added.

--

Follow Mark Kellam on Twitter: @LAMarkKellam