Glendale's real estate market strengthens

The real estate market in Glendale ticked upward again last month after a brief stall in March, reflecting an ongoing limited number of homes for sale and a multitude of potential buyers, according to the latest real estate report.

The median price of a single-family home nudged up 2.4% compared to April 2012, from $625,000 to $640,000, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.

The median price of a condominium increased more dramatically, rising 19.5%, from $266,000 a year ago to $318,000 last month.

Realtor Anne McDonald with Prudential California Realty said that Realtors aren't sure why more sellers aren't taking advantage of the tight market.

"We're speculating that sellers are kind of waiting for prices to go up for a little bit before putting their house on the market," she said.

Housing inventory remains thin, according to Sorem's report. There were 80 homes on the market last month, a 35.5% drop from 124 a year ago. Condos saw a similar decline, sliding 43.5%, from 62 for sale in April 2012 to 35 last month.

Despite the fact that sellers are getting multiple offers on their listings and the continued increase in prices, McDonald said she didn't think any trouble is brewing in the market.

"I don't think we're really heading for a bubble right now. Right now, it's just kind of correcting itself," she said, adding the market is not where it was in 2003 and 2004.

The number of homes sold did rise last month. Transactions on 52 homes closed in April, compared to 39 last year. Condo sales also rose, with 35 sold last month, up from 31 in April 2012.

In the La Crescenta-Montrose area, 31 single-family homes were on the market last month, a 24% drop from 41 in April 2012, according to Sorem's report. Thirty five homes sold last month, up from 29 a year ago.

The median price of a home jumped in La Crescenta from $530,000 in April 2012 to $652,000 last month.

Eight condos sold last month, up from four a year ago. And there were eight condos on the market, down from 19 in April 2012.

In La Cañada Flintridge, the number of single-family homes for sale declined to 55, a 19% drop from 68 a year ago, and the number of homes sold inched down from 24 to 21.

The median price rose 15.6% to $1.35 million.


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