The San Fernando Valley (Los Angeles) single family housing inventory is up in all price ranges year over year. The $450,000 to $600,000 price range jumped from a historic low of 285 properties in July 2013 to 487 July 2014. That price range incorporates the median sales price of around $500,ooo. The inventory has been increasing as there are fewer institutional buyers, and more traditional sellers have a positive equity position getting them out of short sales.
The upside, traditional buyers will have a chance to find a property. There are still multiple offer scenarios for well priced properties, but you’re only looking at 3 or 4 offers instead of 20 that we we’re seeing mid-2013.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me.
Ron Henderson GRI, RECS, CIAS
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth