Increase in area home prices slows

The number of homes for sale in Glendale remained low last month, but a slowly increasing number of homes on the market kept price hikes at a more moderate level.

The median price of a home rose 6.6% compared to October 2012, going from $595,000 to $634,000, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.

That October increase follows increases of 17.4% and 37.5% in August and September, respectively, in comparison to the same months the previous year.

The median price of a condominium in Glendale rose roughly 14% to $345,000, compared to $303,000 in October 2012.

Housing inventory is improving, but still remains thin, according to Sorem’s report. There were 115 homes on the market last month, a 14% bump from 101 a year ago, and the same number as in September.

There was a significant increase in the number of condominiums on the market however, with 57 for sale in October, compared to 26 in October 2012, a 119% jump.

Judy Schlegel, Realtor with Tri-City Re/Max in La Cañada, said homes continued to sell quickly as potential buyers clamored around the still limited number of homes for sale — and with interest rates staying low.

“We’re still in [a] multiple-offers situation and still have a very limited inventory,” she said. “Buyers really need to take advantage of this right now. We don’t know how the rates are going to be in another year.”

The lack of inventory was reflected in the shorter number of days homes are spending on the market. Last month, Glendale homes that sold averaged 38 days on the market, 32% fewer than the 56 days they averaged in October 2012.

However, the number of homes that sold decreased. Transactions on 30 homes closed last month, compared to 65 last year.

Schlegel said she’s had clients who were looking to buy homes, but were unable to close sales, losing out many times to cash buyers.

“For some reason, they’re not getting the properties and it’s disappointing,” she said. “They know if they can’t buy right now, interests rates might go up.”

In the La Crescenta-Montrose area, 42 single-family homes were on the market last month, a 35% increase from 31 in October 2012, according to Sorem’s report. Thirty-six homes sold last month, no change from a year ago.

The median price of a home in La Crescenta showed healthy growth, climbing from $550,000 in October 2012 to $640,000 last month, a 16.4% increase.

In La Cañada Flintridge, the number of single-family homes for sale rose slightly to 58, up 18% from 49 a year ago, and the number of homes sold held steady at 18.

The median price of a home in that city increased 23% to $1.17 million.

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Follow Daniel Siegal on Google+ and on Twitter: @Daniel_Siegal.

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