Average House Cost Is Record $234,400
The average price of a single-family house in the San Fernando Valley hit a record $234,400 in April, the San Fernando Valley Board of Realtors reported Monday. The previous record was $221,200 in November. The latest monthly average marked a 7% jump from the March average of $218,700.
Low interest rates were a major reason for the April surge, the board said. In February and March, house prices had fallen and “we thought demand was starting to level off and prices would follow suit,” said Tom Carnahan, board president. “The market remains very hot. I expect it to stay hot through the summer.”
Despite the latest increase, Carnahan does not expect single-family house prices this year to match the 17% price rise in 1987.
In April, 1,187 houses were sold, virtually the same number as in March.
The average price of a condominium sold in April was up 1% to $118,200, from $116,800 in March. Condominiums sold in April totaled 328, a slight increase from the 322 units sold in March. In April, 1987, the average condominium price was $117,600.
The board reports sales of houses and condominiums by its members in the area from North Hollywood to Agoura.
Its statistics do not include most new residences, which generally are sold without a real estate agent, or existing homes that are sold by their owners.
APRIL VALLEY HOUSE SALES
NORTH WEST
Avg. Price: $226,000
Sales: 50
NORTH CENTRAL
Avg. Price: $224,500
Sales: 187
NORTH EAST
Avg. Price: $139,100
Sales: 194
SOUTH WEST
Avg. Price: $265,414
Sales: 276
SOUTH CENTRAL
Avg. Price: $260,100
Sales: 170
SOUTH EAST
Avg. Price: $259,800
Sales: 310
