How is the Market?

August 2012:  Los Angeles Real Esate Inventory Remains At One Of The Lowest Historical Levels

According tothe San Fernando Valley Association of Realtors, inventory continues its fall for 7th consecutive month of the year.  In additional to the fall in inventory, we had a 96.3% sales to listing ratio for the month of July.  At the end of July, total combined inventory of single family and condominium properties fell to 2650 units in the entire San Fernando Valley.  This is another 4% decrease from the previous month and has been on a steady decline from the start of the year resulting in a 33.3% decrease year to date.  Further, April’s inventory is down by 47% from the same time last year.

Sales have spiked up again to 1266 escrows closed, close to the highest number this year.  Sales in the month of July have risen 22.8% from the start of the year.
New listings hit yet another low of 1314 new listings making July the lowest point this year.  This marked a 17.5% decrease from the same time last year.

Average sales times went down to 79 days across all price points with the highest concentration of listings remaining in the $250000-$299999 price point.  Highest number of properties sold was in the
same price point with 12.7% of all sales.

The steady slide in inventory throughout this year is producing a lot of sales with multiple offers.  We also saw inventory in certain areas in the San Fernando Valley fall or remain at a 1 month supply
again.  Taking all these factors into consideration, it is certainly a great time to be a seller in our market area in Los Angeles County in California.

July 2012:  Inventory continues to slide. Number of New Listings hit another low.

According to the San Fernando Valley Association of Realtors, inventory continues its fall to a new low point.  At the end of June, total combined inventory of single family and condominium properties was only 2762
units in the entire San Fernando Valley.  This is another 8.3% decrease from the previous month and has been on a steady decline from the start of the year resulting in a 30.5% decrease year to date.  Further, April’s inventory is down by 43.2% from the same time last year.

While inventory has been on a steady decline, sales have been climbing with a slight pull back this month to 1216 escrows closed in June, only a 5% decrease from last month but still a 19.7% increase from the start of the year.

New listings hit another low of 1367 new listings making June the lowest point this year.  This marked a 14.1% decrease from the same time last year.

Average sales times went down to 79 days across all price points with the highest concentration of listings remaining in the $250000-$299999 price point.  Highest number of properties sold was in the same price point with 12.7% of all sales.

As with last month, this current reduction in inventory is producing a lot of sales with multiple offers.  We also saw inventory in certain areas in the San Fernando Valley fall or remain at a 1 month supply again.  Taking all these factors into consideration, it is certainly a great time to be a seller in our market area in Los Angeles County in California.

May 2012:  Inventory continues to fall, while sales activity is up.

According to the San Fernando Valley Association of Realtors, inventory continues its fall to a new low point.  At the end of April, total combined inventory of single family and condominium properties was only
3250 units in the entire San Fernando Valley.  This is a 7.9% decrease from the previous month and has been on a steady decline from the start of the year resulting in an 18.2% decrease year to
date.  Further, April’s inventory is down by 33.8% from the same time last year.

While inventory has been on a steady decline, sales have been on a steady climb.  1140 escrows closed in April, a 4.8% increase from last month and a 23.1% increase from the start of the year.  Inventory is also up 7.7% from the same time last year.

New listings took a little break from the little upswing momentum that we started to see from the start of the year.  Listings in the San Fernando Valley fell by 8.4% from last month to 1387, making April the slowest month year to date in terms of new listings.  This also resulted in a 20.2% decrease from the same time last year.

Average sell times were at 79 days across all price points with the highest concentration of listings being in the $250000-$299999 price point.  Highest number of properties sold was in the same price point with 14.5% of all sales.
As with last month, this current reduction in inventory is producing a lot of sales with multiple offers.  We also saw inventory in certain areas in the San Fernando Valley fall or remain at a 1 month supply again.  Taking all these factors into consideration, it is certainly a great time to be a seller in our market area in Los Angeles County in California

August 2011: San Fernando Valley August Home Sales Surge 15%

Single-family home sales during August throughout the San Fernando Valley jumped 14.7 percent compared to a year ago and rose 18.4 percent from this July’s total, the Southland Regional Association of Realtors reported on Thursday, Sept. 15.
The sale of 618 homes was the highest monthly total so far this year and the best month since a year ago June. Home sales are up 91.3 percent from the record-low for this cycle, which came in January 2008.
Likewise, condominium sales of 221 units jumped 6.3 percent over a year ago and rose 15.1 percent from July. It was the highest monthly total since June 2010. Condo sales are up 110.5 percent from the record low, also set in January 2008.
“While not wholly surprising, it is great news that buyers are getting more active,” said Fred Sabine, the Association’s 2011 president. “Lenders ever so slowly are clearing the way for loans at a time when interest rates are extremely favorable and homes are eminently affordable.
“Sales typically pick up during summer months, so the surprise is that this increase comes later than usual,” Sabine said. “There’s pent-up demand for housing, buyers are tired of waiting, and many see that the market is as favorable as it’s likely to get.”
Buyers are jumping into the market because they see what’s happening with prices, he said. Resale prices had been trending higher prior to the end last year of homebuyer tax credits and since then have posted further modest gains.
While down 10.5 percent from year ago levels, the median prices of homes sold last month rose from its record low and continues to bounces up and down from month-to-month.
The single-family home median price of $358,000 was 5.3 percent above its record low of February 2009 while the condominium median of $204,000 was up 10.3 percent.
“The drumbeat of sour economic news has been so loud that it’s taken longer for buyers to get the message that home prices are low and likely to continue rising,” said Jim Link, the Association’s chief executive officer.
“In fact, when you scan the economy, there simply is not another asset class out there that is currently so undervalued and ripe for recovery,” Link said.
Active listings throughout the Valley fell 19.4 percent last month to 3,162. That is a 3.8-month supply at the current pace of sales, which represents a tightening of supply that in any other market would favor sellers and push prices higher.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.

 

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