You'd think sluggish existing home sales activity would benefit a market's inventory, but in the San Fernando Valley that's not the case. During the first two months of this year 652 existing single-family homes sold in the valley, a slight decline from the 659 homes that traded during the same period last year. However, entering March the market's total inventory (single-family homes and condos) was down year-over-year by 6.7 percent with 2.8 months of supply, according to stats from the Southland Regional Association of Realtors (SRAR). Eyeing only single-family supply, the number of active listings dropped on a year-over-year basis by 7.6 percent in February, despite sales activity dipping by 6.7 percent. Year-over-year new listings activity fell 7.4 percent last month. According to Jim Link, CEO of SRAR, while a six-month supply is desired, a more realistic target for the San Fernando Valley is four months of inventory. Similar to the previous two months, Mar...
- Single-family supply is down by 7.6 percent year-over-year.
- The average price of an existing single-family home in the San Fernando Valley has risen by 18 percent year-over-year.
- The valley's median home price of $561,000 is the highest value reached in any February since 2007.