More Glendale area homes entering housing market
Changing a months-long trend of a dwindling housing market, more homes went up for sale throughout the Glendale area last month compared to a year ago, according to the latest real estate report.
Condominiums saw the biggest increase, going from 27 in December 2012 to 40 last month, a 48% jump, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.
There was also an increase in the number of single-family homes for sale, rising from 70 homes in December 2012 to 75 last month.
However, fewer residences sold last month. Transactions closed on 28 single-family homes last month, an almost 38% decline from 45 in December 2012.
Likewise, there was a drop in the number of condos sold, decreasing from 45 in December 2012 to 28 last month.
More homes on the market didn’t drive prices down, though. The median price for a single-family home climbed to $727,000 last month, from $620,000 the year prior, and the median price of a condo rose from $290,000 in December 2012 to $374,000 last month.
Sorem said it’s too early to tell if December’s stats are the beginning of a trend, pointing out that, like economics, directions in real estate are often about hindsight.
“You only know what’s happening after it happens,” he said.
He added, though, that what surprised him the most during the past several months is that as home prices increased throughout most of last year, inventory didn’t pick up as potential home sellers saw that they could get more money for their property.
The La Crescenta-Montrose area followed the housing-inventory trend with more homes for sale, according to Sorem’s report.
There were 17 single-family homes on the market last month, compared to 10 a year ago. Condos also saw an uptick, with two for sale last month, but there were no condos on the market in December 2012.
The median price of a single-family home jumped to $714,000, up from $591,000 in December 2012. The median price of a condo, however, dropped from $395,000 in December 2012 to $284,000 last month.
In La Cañada Flintridge, there were 31 single-family homes on the market last month, up from 26 a year ago. However, sales were down, with 18 homes selling last month, a decline from 22 in December 2012.
The median price, however, rose slightly from about $1.2 million in December 2012 to $1.25 million last month.
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Follow Tim Traeger on Twitter: @TraegerTim.
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