Karen S. Kim
BURBANK -- A shortage of available housing could be the cause for a
10.9% rise in median home sale prices in Glendale, according to Mary Ann
Plumley, member of the Glendale Assn. of Realtors' Board of Directors.
With little real estate available, buyers are competing with each
other to seal deals, Plumley said.
"If there's nothing out there, we get multiple offers and that drives
the price up," Plumley said. "I think in light of what's happening around
the country, it's significant that our prices are remaining high. I think
it's also because it's so desirable to live here."
In Glendale, the median home prices rose from $270,000 in the fourth
quarter of 2000 to $299,500 in the fourth quarter of 2001, according to
the California Assn. of Realtors Web site.
In Burbank, median prices also rose, jumping 9.6% from $260,000 to
$285,000.
But Yasmine Wolfe, a Realtor with Cunningham Realtors in Burbank, said
median prices don't always accurately reflect the market.
"The prices seem to be remaining steady in Burbank," she said. "A
median price range is not always a fair representation. If there's more
houses sold in the lower price range, it will drag the median down, and
it would give an unfair picture of the market."
The jump in median home prices in Burbank and Glendale follows an
increase seen all over Los Angeles County.
According to the California Assn. of Realtors, the median home prices
in the county jumped 14.3%, or $29,000 from 2000's fourth quarter price
of $202,500.
Plumley and Wolfe agree that the real estate market it hot in both
cities.
"Numbers can sometimes be deceptive," Wolfe said. "In general, the
Burbank housing market is doing extremely well, and the overall outlook
in California is generally good."
