Burbank Real Estate Statistics

Month to month average sale price is down $45,281, year over year, average sale prices are down by $150,000 or 22.83%.

Average days on market, year over year are up 27 days.

Number of sales is up 16%.

These numbers are reflecting several factors……

• Year over year, you have many more short sales and REO or bank owned properties on the market.

• For comparable properties the bank owned properties tend to be priced lower than the short sales or regular sales reflecting the fact that the bank owned properties need more repairs.

• The fact that days on market are longer makes sense when you consider that negotiations tend to take much longer with short sales and bank owned properties.

• Sales are up because prices are becoming more affordable and buyers are seeing good deals.
  

Qualified buyers are out there as I’m seeing multiple offer situations on well priced properties. This is all a function of market stabilization. While I'm not sure that we've hit bottom I think we're close. We won't really know until we look back a year from now.

For more information, check out Burbank Foreclosures and Short Sales or Burbank Real Estate Expert.