Burbank, North Hollywood, Studio City and Woodland Hills Values
June 06,2020 | Posted By Julian Munoz in Real Estate Market Stats
Year Over Year #'s
Burbank $847,500 - 1.9%, North Hollywood $665,000 +7.6% , Studio City $875,000 -36.5% Woodland Hills $875,000 +10.1%
The number of sales for all the markets represented are down by a minimum 50% over last year and values for the most part did decline. Many sellers are still holding back and not listing their homes due to the negative climate. It is anticipated that sale sides will continue to be low until the economy comes back to full capacity in the short term. Days on Market has also increased, but not excessively for the houses that sold which translates to "Quality Sells", listings with an issue stays on the market. Inventory continues to rise at a slow pace, meaning demand continues to fall behind. Quality homes priced reasonably or slightly below market are getting snapped up quickly with multiple offers, driving their prices up. Interest rates continue to be low that is contributing in keeping the values from falling. Pent up inventory may finally start being listed late this summer and fall season, the question is will demand for home purchases rise to keep up?
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