The San Fernando Valley real estate market continues it’s transition from a seller’s market to one of neutrality. A “well priced” listing can still move fast. A poorly priced property can sit on the market, and take price reductions. When looking at the most recent real estate statistics, the primary numbers to reflect on are the continuing growth in unsold inventory, days on the market, and resulting month over month drop in the median home price. The year over year appreciation in values is a lagging indicator.
I’ve been blogging about the sales/inventory ratio changing for over the past year. The home price is a lagging indication of the health of the market. The inventory levels started increasing months ago.
The affordability index is also only a decent indication on how the local is generic buyer is capable of buying the median priced home. It doesn’t take into account the tightening of underwriting guidelines because of the implementation of Dodd Frank regulations applicable to mortgages.
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
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth