The heated San Fernando Valley housing market continues on with multiple offers for most well-priced listings. The historically low-interest rates are pushing buyers into the market. The low inventory is acting as a limit to the number of sales and propping up values.
It’s a very frustrating market to be a buyer in. A buyer has to have a strong offer package to submit and good representation, or they’ll potentially be omitted from the seller’s evaluation process. It’s not fun to lose out on a couple of properties before you come with all guns blasting.
For sellers, timing’s everything. This market may be solid for a while longer, but instead of spending too much time fixing up a property for sale, it might be advantageous to be on the market asap. Buyers presently may have to close their eyes to minor flaws, because of the lack of purchase options. It’s all “case by case” on the best mode of operation for each property, but you may get more of a premium to your sales price for the same property selling now than you will when the market eases up.
If you look at the charts of the entire MLS residential activity, the quantity of new escrows opened has leveled out over the past couple months, but so has the inventory at a low level.
Let’s take a look at the latest “scary” San Fernando Valley housing numbers for August. The statistics below are only for single-family dwellings, omitting condos… You’ll soon be hearing about record high valuations.
ACTIVE INVENTORY
New listings 597
Total Active Listings 666
Average Days on the Market 61
PENDING AND CLOSED SALES
New Escrows Opened 581
New Escrows Days on the Market 31
Escrows Closed 495
Average Sale Price $1,091,500
Median Sales Price $852,000
Average Days on the Market 41
Note: The average is the total sales dollars divided by the number of sales… The Median reflects half of the sales are priced above and half below.
Each region, neighborhood, and the property has its own elements and dynamics. The numbers above are of the entire SFV, but exclusive of properties in the MLS but located outside of the SFV .
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 (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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