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
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals
www.mres.com
ronh@mres.com
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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