Home prices increase in Burbank area

Statistics show last month's cost for a single family residence rose 21% from February 2013.

March 14, 2014|By Arin Mikailian, arin.mikailian@latimes.com

The median home price for a Burbank home in February was more than $100,000 above what it was during the same time last year, while home and condo sale numbers are holding steady, according to the latest real estate numbers.

The median cost for a single family residence last month was $638,000, a nearly 21% uptick from $527,750 in February 2013, according to statistics compiled by Realtor Eric Benz with Dilbeck Real Estate.

Condos were also selling for more with a median up 14.5% from $375,000 to $429,500, according to the data.

Linda Barnes, a Realtor with Keller Williams Realty in Burbank, said she doubts the market will see a rapid growth in prices as in the start of 2012, a scenario that has the makings for the bursting of another housing bubble.

“I don’t expect to see that kind of surge in prices,” she said. “Whenever you have prices go up too rapidly, then you have that kind of situation where people see so much value in their homes that they start taking out a lot of money because their houses would appraise for that much money.”

A bigger concern she has is a shortfall in the number of properties to sell.

“It’s definitely a sellers market because we don’t have inventory that is enough to supply the buyers that are looking,” she said.

But there was some growth from last year.

In February, 52 single family homes were put up for sale, seven more than during the same period last year, while 20 condos went on the market, up from 17, according to Benz’s report.

Homes sales also saw a boost as 37 houses were unloaded last month, a 54% increase from 24 in February 2013.

Fourteen condos were sold, doubling its total of seven from a year ago.

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Follow Arin Mikailian on Twitter: @ArinMikailian.

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