AgentMarkets & Economy

Closings down noticeably in San Fernando

Single-family sales activity dips below 500 closings for the first time in nine months
  • In 2015, more than 6,000 single-family sales will have closed in the San Fernando Valley.
  • The market's median home price remains above $500,000.
  • Condo values are up noticeably from a year ago.

Affordability issues and a lack of inventory continue to limit resale activity in the San Fernando Valley, according to the Southland Regional Association of Realtors. During November 458 single-family homes sold, a month-over-month drop of 65 sales. The noticeable drop in activity occurred following a period, March to October, when monthly resale totals consistently eclipsed 500. The top month this year for single-family sales was July, with 603 closings. The recent drop in sales has only slightly affected home values, as the median price of a sold home stood at $535,000 in November, down year-over-year by $1,000. While minor, the decline in value is notable, as November marked the first time since February 2012 that the median price was lower on a year-over-year basis. Declining inventory levels have played a part in values remaining relatively stable. Entering December there were 1,096 single-family listings in San Fernando, a nearly 15 percent year-over-year drop. O...