Housing valuations and rental costs are manipulated by the old economic fact, supply and demand. Housing construction has lagged the needs of the population growth, and the Millennials are hitting peak buying age. While still at historic lows, the inventory is slowly building. For those thinking this is a housing bubble ready to pop, or just waiting for this overheated market to slow down and stabilize, keep your eyes on the inventory levels.
Latest San Fernando Valley Single Family Housing statistics for June 2021:
Median Sales Price: $955,000
Average Sales Price $1,210,900
Sales to Listing Inventory Ratio 103.6%
New Escrows Closed 554
Total Active Listings 535
BOM (Back On Market) to Sale Ratio 37.4%*
*The BOM Ratio is generally being caused by inspection issues, or purchase loans not being approved at the negotiated purchase price. Buyers (and agents) need to be cognizant of the potential buyers capability to purchase at an elevated price, where the appraisal valuation may be an issue.
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, SRES, SFR, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
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
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