The number of houses and condominiums for sale in Glendale and Burbank stayed in the basement last month, according to the latest real estate reports, a likely result of homeowners waiting for the market to rebound to get more out of their investments, Realtors say.
In Glendale, there were only 118 single-family houses on the market last month, a 42.7% decline from the 206 for sale in May 2011, according to statistics compiled by Realtor Keith Sorem with Keller Williams in Glendale.
Condos fared even worse, seeing an almost 65% plunge from 171 for sale in May 2011 to 60 last month.
In Burbank, there were 146 single-family houses up for sale last month, down from 227 in May 2011, according to statistics from the Burbank Assn. of Realtors.
Condos were also sparse, dropping by almost 48% to just 47 on the market last month.
The dwindling number of homes on the market is the result of people waiting in hopes of getting more money for them or more equity out of them, said Gerri Cragnotti, owner/broker of G & C Properties in Glendale.
There are basically only three types of sellers right now, she added: “It's primarily a divorce, death or relocation for a job.”
The median price for homes sold in Glendale rose from $455,000 in May 2011 to $572,000 last month. The median price for condos was $278,000 last month, a slight increase from $255,000 in May of last year.
In Burbank, the median price for single family homes sold dropped from $540,000 in May 2011 to $477,500 last month. The median price for condos was $253,000 last month, down from $335,000 in May of last year.
The ratio of bank-owned homes sold in Burbank compared to total sales jumped to 50%, a 17% jump from a year ago. The ratio of distressed homes sold in Glendale declined by about 9% to 41.8%.
Realtor Julian Munoz with Re/max Town Center Realty said banks are starting to put more of the homes they own on the market.
“They're doing it very strategically and slowly,” he said.
Like regular home sellers, banks are waiting to see if the market rebounds further before listing a property, Munoz said.
In the La Crescenta-Montrose area, the number of homes for sale dropped by 67.7%, from 133 in May 2011 to only 43 last month, according to Sorem's report.
The number of homes sold last month jumped 29.2% last month to 31. The median price declined from $534,000 in May of 2011 to $500,000 last month.
La Cañada Flintridge was the perfect picture of how low housing inventory can affect the market. The dwindling number of homes were snatched up by buyers, pushing up the median price probably because of multiple offers, which many Realtors say is becoming a more common occurrence.
There were only 71 homes for sale, a 38.3% decline from May 2011. Thirty-one homes sold last month, an 82% hike from last year. And the median price rose from $1 million in May of 2011 to $1.2 million last month.