Burbank’s market index dropped from 0.47 in September, the highest point in 12 months, to 0.41 this month as new listings shot up from 66 in September to 79 in October.
Sixty-seven home listings sold in October, a more than 50% increase from the same point a year ago, according to the most recent housing statistics.
“We really have quite a lot of demand from buyers for property in Burbank,” said Grace Miranda, president of the Burbank Assn. of Realtors. “The media is saying doom and gloom, but we’re not seeing it. People are buying.”
Burbank has largely escaped the housing troubles of surrounding regions because of a constant desire to live in an incorporated city that features its own police and fire departments and an independent school district that consistently receives high marks, Miranda said.
“Prices have come down a little bit, but not nearly the decrease we’ve seen elsewhere,” she said. “Burbank has held fairly stable.”
Miranda, a Realtor also with Keller Williams, has seen the largest demand in Burbank for the Rancho, Magnolia Park and Hillside districts, and more first-time home buyers have been looking to enter the market, she said.
About 75% of Miranda’s clients are entering the market for the first time, looking to capitalize on relatively inexpensive home prices.
“These people couldn’t buy before,” she said. “We’ve reached an average affordability threshold.”
In Glendale, the average sale price for a home shot up to $673,365, up 11.5% from October 2007. The price per square foot for a home in Glendale increased to $356.09, down 4.8% from a year ago, but up from September’s figure of $343.60 — the lowest point in two years.
Data were culled from the October report of the Multiple Listing Service and Southland Regional Assn. of Realtors.
