Prices rise for single-family homes in Glendale

The median sale price for a single-family home in Glendale soared in August compared to the same time a year ago, while condo prices crept up, according to the latest real estate report.

The median price for a home jumped from $722,000 in August 2013 to $846,000 last month, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.

The median condo price rose to $362,000 last month from $340,000 the same time last year.

There were 92 homes for sale last month, a roughly 11% decrease from 103 in August 2013, while the number of condos on the market rose from 50 in August 2013 to 62 last month, a 24% jump.

There were 52 homes sold last month, down from 67 the same time a year ago. The number of condos sold also dipped, declining from 45 in August 2013 to 30 last month, a 33% drop.

Armen Avedian, branch manager at Hall & Chambers Real Estate, said home prices were lower in recent years, so the rise in prices during the past several months indicates the market is in an adjustment period.

Avedian said he thinks the inventory shortage is caused by owners who want to sell homes, but don’t have many options to buy another home at the moment.

“If I can’t buy something, I’m not going to sell my own home,” he said. “A shortage of inventory creates a shortage of inventory,” he said.

Looking at La Crescenta, the median price for a single-family home dropped to $655,000 last month, down from $678,000 in August 2013, according to Sorem’s data.

Condo prices, however, saw a major jump. The median price for a La Crescenta condo was $512,000 last month, a significant increase from $339,000 in August 2013.

There were 54 homes on the market last month, up from 49 a year ago, while the number of condos on the market was nine, up from four.

The number of homes sold rose from 31 in August 2013 to 43 last month, and the number of condos with closed transactions saw a slight decrease from six last year to four last month.

In La Cañada, the median home price rose to $1.28 million last month, from $1.22 million a year ago.

The number of homes sold in August 2013 and last month remained unchanged at 27.