Hello 👋 my name is Michael Mersola I am a local Realtor in Burbank, California, and a local native of 44 years and counting.
Burbank is my hometown and my area of expertise. My goal for this blog is to educate you about different neighborhood stats so you can have as much information as possible to make the best financial decision for yourself and your family.
Real estate sales have slowed during the holidays. Buyers remain motivated to purchase despite the current state of the up-and-down interest rates.
My job is to inform you what is happening in real time. I will educate you about the inventory, prices & days-on-market, and % of list price vs. closed sold prices. I will break down each neighborhood by zip code so you can make an educated decision as to where you would like to live and or buy.
Burbank has five distinctive neighborhoods. The Burbank Rancho (equestrian friendly) Magnolia Park, Northwest Burbank, and the hillside areas.
Let’s start in the zip code 91506: Per The MLS, there are (11) active listings (9) between $1.1 million to $1,695,000.00. The two outliers are priced between $699,000.00 & 3,000,000 million dollars. Nine (9) properties are pending/under contract varying in price from $800,000 to $1.3 million. In the last 40 days, from 12/1/22 to today, 01/08/23, this zip code saw 11 properties trade hands. The average days-on-market was 23 days. The median sales price was $1,290,000. The average price per square foot was $800.00. The average square foot of each home is around 1600 sqft.
If you are wondering if prices are coming down? The numbers don’t lie. The answer is (NO). The average sold price over the list price was 98%. of the list price. Nine (9) out of (11) properties sold 100.7% over the list price in the first (9-days) of coming to the market. Hey, sellers, this is good news for you.
Also, this might feel like good news for buyers, you might have to pay .05% to 1% over the list price, but the good news is you won’t have to offer $100-$200K over the list price to have the opportunity to get your offer even noticed.
Next on the list: Burbank 91504: North of the 5fwy & Above Glenoaks Blvd: Today 01/09/23 The MLS shows nine (9) active listings ranging in price from $899,000 to $6,000,000 million. The MLS reports there are five (5) single-family homes for sale ranging from $1.1 million to $2.3 Million The most expensive home for sale is (The Castle on the Hill) which is listed for an extreme price of $6 million (killer views) and is probably one of the most unique (odd) homes in all of Burbank.
Pending / under-contract SFR homes in 91504 (7) properties are in escrow/under contract.
Let’s look at the recently sold properties (SFR) in the last 40 days. The MLS reports (8) properties traded from 12/01-01/08/23. The median sold price was $1.2 million average days-on-market is (38). The average price per square foot is $722.00 & again Average Sold Price vs. /Avg. The list price was 100.28%
Let’s finish with my local zip code of 91505: Toluca Lake, Magnolia Park to Northwest Burbank:
Lets finish with my local zip code of 91505: Toluca Lake, Magnolia Park to Northwest Burbank:
This is the most active zip code in Burbank with 19 active listings ranging from the low of $665,000 to $3 million. If you are curious about price reductions there have been 8 price reductions in this zip code (sellers are adjusting) it seems but pricing remains steady with most homes trading over a million dollars. Median days on market tell the story right now things are trading at a slower rate with most of these properties lingering on the market for 30+ days or more. There are (11) properties under contract with 8 out of 11 of those seeing price reductions. The median price of these properties is $1,149,000.00, Average days on market is (45) days. Sold homes in the last 40 days (16) median sales price is $940,000.00. 16 properties sold over the list price by a few % points. As you can see from the tale of the tape real estate remains competitive and sales prices remain steady.
Let me wrap this up. Sellers it is important to price your home correctly, as your agent I would suggest pricing your properties slightly below by 2-5% under recently sold properties in your local neighborhood to attract buyers to make you competitive offers so you can move onto the next phase of your life.
My suggestion for buyers, stay in the saddle and keep going, make sure you ask your agent (me) for suggestions, act decisively and make a strong offer to stand out from the competition. Timing is everything, I always say the right home speaks to you. You will know it when you walk into it.
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Michael Mersola your go-to Realtor in LA
Contact me to discuss your options
Cell: 818-631-5636
E-mail: Michael@MersolaRealEstate
DRE Lic: 01503186
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