February home sales in Burbank reflects similar patterns for most cities in greater Los Angeles, with continuing rising sales prices and decreasing inventories.
BURBANK COMPARATIVE MARKET UPDATE FEBRUARY 2020
Burbank saw an 18% jump in February housing sales from 33 in 2019 to 39 in 2020, though there was an 11% decline from 44 in January 2020. The number of new listings marked a steady decline from 77 in February 2019, to 45 in January 2020, to 43 in February 2020. That’s over a 19% decrease, year over year. With shrinking inventory, homes were selling both quicker and for a higher price. Average days on the market decreased from 47 in February 2019 to 42 in January 2020 to 38 in February 2020. Average sales prices rose nearly 6% from $871,889 in February 2019 and almost 14% from $813,096 in January 2020 to a high of $923,937 in February of this year. The Sale Price to List Price Ratio also registered its highest mark of the 3 comparative months at 103.3%.
Of the 43 February sales in Burbank, 36 were single residences, 2 were townhouses and 5 were condominiums. The lowest sale price of $417,250 for a 2 bedroom, 1 bathroom condominium represented a 2 % increase over the list price and came after 29 days on the market. The median sale price of $860,000 was for a 3 bedroom, 3 bathroom remodeled single residence with ADU potential. The property was originally listed for $1,050,000 and took 164 days to sell. At the top of the price range for the month was the $2,045,000 sale of a new construction 4 bedroom, 4 bathroom home in the Sunset Canyon neighborhood. Selling in 24 days, the sale price was approximately 2.3% over list price.
BURBANK CURRENT LISTING REPORT MARCH 2020
Out of the 44 available homes currently listed for sale in Burbank on the multiple listing service, there are 31 single residences, 4 townhouses and 9 condominiums. The lowest price property, on the market for 17 days, is a 1 bedroom, 1 bathroom, updated condominium with home owner association dues of $278.95/month, offered for $435,900. Mid-price range is a 4 bedroom, 2 bathroom, “storybook traditional” home, adjacent to Toluca Lake, listed at $1,399,000 and on the market for 14 days. At the top of the range is a 5 bedroom, 4 bathroom updated Rancho Equestrian Estates home with a 3 stall barn, priced at $2,250,000 and on the market for 20 days.
To see the current and past year-to-date statistics for market activity in Burbank, click on the report snapshot image or here to view the full report