(Posted Jan. 12, 2017)

As we look forward to the new year of 2017, I thought it might be helpful to look back a few years so as to give some perspective on where the Burbank real estate market has been in terms of values, where we are today and where we may be headed in the near term. First though, a quick inventory recap: For the majority of 2016, Burbank housing stock averaged less than a 3 month supply and bounced around between 80 and 100 single family homes listed and about the same spread for condos/townhomes, fluctuating between 25 to 50. Towards the end of the year, with news of rising interest rates, the rush was on and inventory levels were reduced sharply to where we are today: an incredibly low 61 SFRs and only 12 Cs & Ts listed for sale in Burbank! Now those levels will increase as we emerge from the Holiday/early New Year slow season, but will they increase substantially or will this inventory shortage – basic supply and demand – keep driving prices up? Which brings me to a quick recap of Burbank real estate appreciation…

In 2011, generally agreed to be the bottom of the market coming out of the financial meltdown in 2008, the median price (median being the mid point where half of sales are above and half below) for a SFR was $490,000 and $330,000 for Cs & Ts. As the economy and consumer confidence rebounded and rose, the market did as well! In the last 3 years, median SFR values have risen to $650,000 in 2014; $690,000 in 2015 and an incredible $739,000 to finish 2016! Same trend line for Cs & Ts: $415,000 in 2014; $450,000 in 2015 and rising to $489,555 in 2016! Does the party continue or are we in for a correction? Good time to sell or stay put? If you’re considering Buying or Selling in 2017, please give me a call and let’s have an honest conversation about the market what makes sense and is best for you!