I haven’t talked about real estate inventory levels here in Burbank for several months. In fact, not since the beginning of the year, when I reported we began 2018 with astoundingly low 25 single family homes and a mere 9 condominiums on the market! This year also began with the median price for a SFR going for $778,000 and a smaller eye-popping median price for condos of $516,000!
Fast forward to the end of August, and we find a substantial increase in inventory (but still way low by historic Burbank market standards): Currently, there are 84 SFRs listed for sale, ranging in price from a low of $535,000, which gets you a 1BD, 1BA in a whole 779 sq. ft. located on Buena Vista; to a high of a “very optimistic” $3,000,000, for a 4BD, 4BA with just under 5,000 sq. ft. located on the “Hill” in the Burbank Estates (not Hallston development). Your condo buying dollar gets you a 1BD, 1BA unit in 690 sq. ft. for $434,000; to a top list price of $750,000 for a 3BD, 3BA unit in 1,583 sq. ft. As you might imagine, beginning the year with such a meager inventory supply, the law of supply and demand stoked even more multiple offers and further price appreciation. You can see this continued climb in values reflected in the current median prices: $856,000 for SFRs and $570,000 for condos! One other aspect of the current single family inventory: More than 35% of those 84 homes listed for sale are priced OVER $1 MILLION! However, given those prices and the fact that interest rates are sloooowly rising, I expect the Burbank inventory to build even further. As a lifelong resident of Burbank and a 31-year real estate professional who has seen all kinds of markets, these prices are amazing! All the more reason, if you haven’t had a thorough evaluation of the value of your real estate holdings in more than 5 years, please call me – KNOWLEDGE IS POWER!
