RealtyTrac finds gas leak has negatively impacted Porter Ranch’s home sales market

Largest drop in home sales activity occurring north of Highway 118
  • All-cash deals are accounting for a higher share of overall resale transactions.
  • Banks may be less willing to lend on Porter Ranch homes moving forward.
  • The San Fernando Valley home sales market as a whole is said to be in a "sluggish" state.

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In the wake of the late October 2015 Porter Ranch gas leak, which sent nearly 100,000 metric tons of methane into the atmosphere, several area real estate agents cited that minimal buyers were searching "Porter Ranch" or its ZIP code online. These sentiments appear to have been on point, as between November 2015 and January 2016, home sales activity in Porter Ranch dipped by 44 percent when compared to the previous three-month period. According to a report from RealtyTrac and Greenfield Associates, while a seasonal drop in home sales activity was expected, the 44 percent dip was more than 2.5 times higher than the seasonal drop experienced in Los Angeles County, 17 percent., during the same period. Change in home sales before and after Porter Ranch gas leak When looking at sales within Porter Ranch on a map, the impact of the gas leak is made clearer. According to Daren Blomquist, senior vice president at RealtyTrac, home sales activity north of Highway 118, wh...