Home prices continue to increase in Glendale

Ryan Carter

Home prices in Glendale keep going up, compared to last year’s costs

in the same areas.

The average median price of a home in Glendale was $436,000 last

month, according to DataQuick, a firm that tracks real-estate prices.

The median price is the number at which half the prices are less and

half are more.

The March median price was taken from prices in Glendale’s eight

ZIP codes and is higher than the average median for all of 2002,

which was $391,000.

One factor driving the increases is low interest rates, said

Glendale Realtor William Prieto, with La Canada Flintridge-based

MacGregor Realty.

“There continues to be overwhelming demand because of the low cost

of money,” Prieto said. “The interest rates on loans are very low.

Even if they go up a couple of points, demand will remain high.”

Glendale’s ZIP codes include 91201 through 91208. All but two saw

increases in median prices compared to last March.

Along with the overall high demand and low-cost loans, home prices

in areas such as 91204 could be higher because they are in “niche”

neighborhoods with clusters of high-end homes, Prieto said. In south

Glendale, homes with some historical value could have driven up the

prices, which skews the average one, he said. Only two homes were

sold in the 91204 ZIP code in March. Still, the jump could signal a

revived interest among buyers in the area south of the Ventura (134)

Freeway, Prieto said.

The median price in Southern California for March was $301,000,

which was a record, although sales counts have dropped in Los Angeles

County, according to DataQuick.

Prieto said he’s seen evidence of that.

“I’m seeing a slowing of sales in the higher-priced areas,” he

said.

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(BEGIN TEXT OF INFOBOX)

GLENDALE HOMES AND CONDOMINIUM / TOWNHOME SALES FROM MARCH 2002 TO

MARCH 2003

*--*

ZIP code Homes sales Median %Change Condo sales Median % change

price price

91201 14 $380,000 6.6 39 $230,000 16.9

91202 16 $461,000 2.4 114 $230,000 24.3

91203 4 $300,000 -34.1 137 $230,000 31.4

91204 2 $495,000 110.0 54 $203,000 12.8

91205 8 $310,000 -5.3 109 $199,000 18.5

91206 15 $480,000 6.4 228 $205,000 17.8

91207 14 $609,000 29.9 33 $220,000 -7.4

91208 27 $460,000 5.3 38 $207,000 23.3

*--*

Source: DataQuick