Burbank Houses for sale typically stay on the market for an average of 35 days in 2023. Burbank homes follow the general real estate trends in Los Angeles County but have their own market dynamics. The time on market has changed significantly over recent years. Market conditions affect how quickly properties sell in this desirable area.
The median days on market for Burbank properties was 35 days during the first quarter of 2023. This figure represents a 15% increase from the same period in 2022 when homes sold in an average of 30 days.
According to data from the California Association of Realtors, Burbank real estate has shown remarkable resilience compared to neighboring communities. The current inventory of homes in Burbank stands at approximately 2.1 months of supply, which is still considered a seller’s market.
Burbank housing has experienced significant changes in market time over the past five years:
– 2019: 45 days on market (pre-pandemic)
– 2020: 52 days on market (pandemic impact)
– 2021: 22 days on market (market frenzy)
– 2022: 30 days on market (market stabilization)
– 2023: 35 days on market (current)
The National Association of Realtors reports that Burbank properties sold 28% faster than the national average in 2022. This trend continues in 2023 despite interest rate increases.
Several key factors influence how long Burbank houses remain available:
1. Price point: Homes priced between $800,000 and $1.2 million sell fastest, averaging 27 days on market.
2. Property condition: Move-in ready homes sell 40% faster than those needing repairs.
3. Location: Properties near Warner Bros and Disney studios sell 22% faster than homes in other parts of Burbank.
4. School districts: Homes in the Roosevelt Elementary zone sell in an average of 29 days.
5. Interest rates: The recent 2% interest rate increase has extended market time by approximately 8 days.
Burbank real estate shows clear seasonal patterns. Spring (March-May) is the hottest selling season with homes selling in an average of 28 days. Summer (June-August) maintains strong momentum with 33 days on market. Fall (September-November) typically sees 41 days on market. Winter (December-February) is the slowest season with an average of 49 days on market.
The price of Burbank properties directly correlates with market time:
– Under $750,000: 24 days (limited inventory)
– $750,000-$1,000,000: 29 days (highest demand segment)
– $1,000,000-$1,500,000: 38 days
– $1,500,000-$2,000,000: 45 days
– Above $2,000,000: 67 days
The average price ranges between $950,000 and $1,300,000 for single-family homes in Burbank.
1. Pricing strategy: Homes priced within 3% of market value sell 62% faster.
2. Professional photography: Properties with professional photos sell 32% faster.
3. Strategic timing: Listing on a Thursday results in 21% less time on market.
4. Home preparation: Staged homes sell 73% faster than non-staged homes.
5. Marketing exposure: Listings with virtual tours receive 87% more views.
The Burbank Association of Realtors reports that sellers who follow these guidelines typically see offers within the first 21 days of listing.
