Now that we’re more than halfway through 2017, I thought it might be helpful to give you an overview of current Burbank housing inventory levels, median price points for the single family homes and condos, in addition to some insight into what to expect in terms of property price appreciation for the remainder of the year. First off, for the majority of the first half of 2017, inventory levels have been fairly consistent – fluctuating between 70 to 90 “active” SFRs listed for sale. Same story with condominiums – pretty steady, at about 20 to 35 units for sale. As of this writing, the numbers fall in line with those ranges: 81 SFRs listed for sale, with 22 condos offered. But as the Burbank market continues to go up, what’s interesting is the breakdown of prices and the associated growing lack of affordability for families wanting to call Burbank home!
As a lifelong resident and 30 year Burbank Realtor, it’s hard even for me to digest these facts: The median sales price thus far in 2017 is a mind boggling $813,700; up from $740,000 last year! And you see that reflected in the current inventory. Of the 81 SFRs currently for sale, only four (4) are priced under $600,000, with the vast majority, 51, priced at $800,000 and above! Same trend line for condos – current median price is $507,000, up from$479,000 in 2016. Current condo price range: $380,000 to $1,048,000, again, with only 22 units for sale! The cost of money is still relatively cheap; Buyer demand is still strong; and as discussed, inventory remains tight. Are these rates of appreciation sustainable? We’ll see, but I think the “train is starting to slow!”
What do you think? I’d love to hear from you and talk about it….
