HAPPY NEW YEAR! And if you’re a Burbank homeowner, the real estate market continued to treat you well in 2018! How well? I pulled up lat year’s “Market Update” to you and here’s how the beginning of the last year compares to the beginning of 2019: Last year begain with the median Burbank single family home value being $778,000! Today, that value has continued to rise to $865,000! Same scenario with condominiums – last year, $516,000, this year we begin 2019 with a median value of $597,000!
In terms of inventory, that’s where the story is changing a bit from last year. We began 2018 with the lowest number of actively listed properties I’ve ever seen as a 32-year Burbank Realtor: 2018 begain with a mere 25 SFRs and only 9 condos offered for sale! We start this year with 63 SFRs and 21 condos listed. The reason behind the increase include rising interest rates – 30 year fixed rate loans have finally cracked 5%. And because of rising rates and the price points where we’re at, the Buyer pool has shrunk, consequently longer market times and larger inventories (still very low by historic standards!) Also, all of the year-end gyrations in the stock market and press coverage of a “slowing real estate market” in general, has pushed some would-be Buyers to the “wait & see” sidelines. Will prices start to finally decline in 2019? NO, at least not in my opinion! Burbank still remains a very sought-after market! However, the number of people who can afford our market is getting smaller and as a result I think our rate of appreciation will slow to a more modest 2-3%. What are your thoughts?
You can reach me through this site or please feel free to call me at (818) 437-0859
