The median price for a home in Glendale dropped below the $700,000 mark last month for the first time since last fall, though it’s still a 21.5% jump from a year ago, according to the latest real estate report.
The median price for a single-family home was $689,000 last month, up from $567,000 in March 2013, according to statistics compiled by Realtor Keith Sorem with Keller Williams in Glendale.
The median price for condominiums also rose, increasing by 14% from $323,000 a year ago to $368,000 last month, the data read.
Diana Walker, a real estate sales agent with Dilbeck Real Estate, said home prices have gradually risen during the past 12 months, but they might have finally peaked.
“I think they’re adjusting now. They’re not just going up constantly like they have for the past year,” she said. “Hopefully, sellers will price them more realistically if they want to sell them in the first 30 days.”
Higher home prices have also pushed investors out of the market in the past six months because it’s become more difficult to flip a house for a profit, while more typical homebuyers are starting to reemerge, Walker said.
“We’re seeing buyers feeling a little more confident,” she said.
Housing inventory in March saw the addition of 109 new listings, up 18.6% from a year ago, according to Sorem’s report. Last month was also the first time since last October that the number of new listings crossed into triple digits.
The number of homes sold in Glendale rose by 18.6%, from 69 a year ago to 81 last month.
Looking to condos, 54 of them were put on the market last month compared to 46 in March 2013. Thirty-eight units were sold last month, up from 24 during the same time last year.
In La Crescenta, 44 new homes were put on the market last month compared to 30 in March 2013, according to Sorem’s statistics.
The median home price showed healthy growth, climbing from $610,000 a year ago to $693,000 last month, a 13.6% boost. Forty-six properties were sold, one more than compared to a year ago.
In La Cañada Flintridge, 36 new homes were on the market, a slight drop from 41 during the same time last year.
The median household price saw a 24% surge from $1.25 million in March 2013 to $1.56 million last month, while the number of homes sold dropped from 26 to 20.
Follow Arin Mikailian on Twitter: @ArinMikailian.