New home price peaks in store for the San Fernando Valley

Prices have not dipped significantly since the summer
  • There is 2.8 months of supply in the San Fernando Valley.
  • January condo values are only $7,500 from their previous peak.
  • The valley median single-family home price could surpass $600,000 this summer.

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While the Southland Association of Realtors (SRAR) recently found median home prices in the San Fernando Valley have hit a temporary plateau; declining supply, high demand and recent month-over-month price growth indicate new price peaks may be reached in the valley come this summer. “Demand for homes and condos definitely is high,” said Jim Link, CEO of SRAR. “The wall buyers are running into is the scarcity of homes or condos listed for sale.” Entering February there were a total of 1,262 active listings in the valley, 941 of which were single-family homes. This total equates to 2.8 months of supply. During the same time last year the total number of active listings sat at 1,453, which represented 3.3 months of inventory. Home prices holding since summer Declining supply amid high demand recently pushed single family and condos prices up during a period, December to January, where a dip in values is common. According to SRAR data, the median price of a single-fami...