As we conclude the first half of 2023, I thought it might be helpful to give you an update on the current count of “active” Single Family Residences (SFRs) and Condominiums that are currently for sale in Burbank. Compared to the paltry amount available at the beginning of 2023, we really haven’t seen a meaningful increase, in fact, we’ve seen a bit of a decline in inventory and certainly not enough to meet the current demand! We began the year with 44 SFRs and 18 Condos listed for sale. As of this writing, we’re down to 34 SFRs and only 10 Condos on the market!
So what gives? With inflation slowly coming down and qualified Buyers that have the cash and the means to buy in a higher interest rate environment still wanting to buy, why aren’t more Burbank Sellers exploiting a market, that relatively speaking, is still posting some pretty incredible prices? Consider the following: The “median” price of a Burbank SFR is an eye-popping $1.23 million, down only 6% from the low interest rate inflated market that peaked in March of 2022. Another incredulous fact: the least expensive home currently on the market is an absolute disaster fixer listed for a ridiculous $950,000! I can assure you, any halfway decent Burbank home listed today at an appropriate price is still getting plenty of attention! In fact, today’s average market time remains very short – a mere 18 days!
Bottom line, as I’ve often said, the “supply and demand” economic dynamic is still overcoming higher rates and misplaced market pessimism! If you’re considering a move, please contact me, as the Burbank market is still very solid!
