If you're waiting to buy a Burbank home that's selling for 40% less than last year's median price, you might have a long wait. There was a flurry of sales activity in the area over the last few weeks, and just about all of the decent stuff is gone. Examples:
The top left home is 1910 Bonita. It's a 3+2, 1950 sf., 6136 sf lot, remodeled with guest house. It listed at $569,000 and went into escrow a few days later after having multiple offers.
The center home is 530 Cambridge. It's a 2136 sf., 5+2, 7400 sf lot home in the Jefferson school district. It listed at $679,000 and went into escrow a few days later after having multiple offers.
The bottom home is 1024 E. Orange Grove. It's a 3+2, 1153 sf, 7750 sf lot home that listed for $579,000 and yes, it went into escrow a few days after listing with multiple offers.
Those aren't the only ones that sold really quickly in December, but I got tired of cutting and pasting. Are there also single family homes for $300,000 that I'm not including? Not that I know of -- it seems like the $450k-$650k is the going price for a local homes below 2000 sf. Has the area reached it's "price discovery?" Are increased sales due to a dearth of listings? Have the lower interest rates made a difference? Will we continue to see prices decline? What do you think?