Area real estate holding steady

Glendale’s median home price maintained a four-month streak of keeping above the $700,000 mark in February, while more homes and condominiums were added the housing inventory, according to the latest real estate report.

The median price was $726,000 for a single-family residence, a nearly 6% growth from $685,000 in February 2013, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.

The price for a Glendale condo was $367,000, up from $266,000, according to the data.

There were 86 new houses put up for sale, up from 62 in February 2013, while five condos were listed, a 41% rise from a year ago, the report stated.

Despite the boost, only 25 residences and 21 condos were sold in February, down from 39 and 28, respectively.

Hamlet Nersesian, a Glendale realtor for 30 years who works with Markarian Realty, said he still doesn’t have enough properties to show his clients.

“If I show two or three properties to 50 or 60 buyers, it’s not encouraging,” he said, recalling a time when Glendale was split into two for Realtors because there were so many homes for sale. “It’s like 10 times less than what we had in the ’90s.”

Nersesian added that reality is paired with the growing breed of people who are afraid to sell or intend on sticking with a single property for decades.

“People have negotiated loans and modified their existing loans and they’re planning to stay a long time,” he said.

In the La Crescenta-Montrose area, 38 homes were listed on the market last month, four more than the February 2013, and 15 were sold, down two from last year, according to Sorem’s report.

The median price of homes there in February experienced an uptick, climbing from $541,000 to $658,000 in a single year, the data read.

In La Cañada Flintridge, 16 homes were sold last month, three more from last year.

Forty-six homes were put up for sale, 11 more from February 2013.

The median selling price was $1.19 million, up from $1.16 million.


Follow Arin Mikailian on Twitter: @ArinMikailian.


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