The median price for a single-family home in Glendale jumped by more than $100,000 last month compared to a year ago, according to the latest real estate report.
The median price for a home was $752,000 last month, up from $645,000 in June 2013, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.
Housing inventory is coming back online, according to the statistics. There were 119 homes for sale last month, a roughly 5% increase from 113 in June 2013, while condos saw a heftier rise, going from 36 a year ago to 59 last month, an almost 64% hike.
The number of homes sold also climbed from 45 in June 2013 to 60 last month, while the number of condos declined, from 46 last year to 33 last month.
Real estate broker Silva Hameline, owner of Re/MAX Elite in Glendale, said the market keeps improving.
“We’ve gone from a short-sale and foreclosure-driven market to a recovering market,” said Hameline, who is president-elect of the Glendale Assn. of Realtors.
While more homes are going on the market, they are selling quickly.
“The minute you have inventory, it’s being grabbed by people who have been waiting,” she said.
Hameline is also seeing fewer purchases by investors and more “real home ownership,” she said, adding that Glendale is well positioned in the housing market because it offers attributes such as its proximity to downtown Los Angeles, good schools and a variety of housing.
In the La Crescenta-Montrose area, the median price of a home went from $658,000 in June 2013 to $703,000 last month, according to Sorem’s statistics. The median price for a condo dropped, however, sliding from $490,000 last year to $383,000 last month.
The number of homes for sale rose about 85%, climbing from 35 in June 2013 to 65 last month, while the number of homes sold declined from 42 in June 2013 to 38 last month.
Condos saw a similar trend, though on a smaller scale. The number of condos bumped up from four in June 2013 to six last month, and the number of homes sold slid from 11 last year to four last month.
In La Cañada Flintridge, the number of homes on the market, the number of homes sold and the median price all declined last month.
There were 57 homes for sale, compared to 66 in June 2013, 20 homes sold, compared to 32 a year ago and the median price went from $1.42 million a year ago to $1.38 million last month.