Highest Monthly Total in 9 Years : Valley Home Sales Spiral in May
More single-family houses and condominiums were sold in May than in any other month since 1979, the San Fernando Valley Board of Realtors reported Monday.
The 1,822 residences sold were the highest monthly total since June, 1979 when a record 1,959 residences were sold. Last month’s sales were up 20% from April, when 1,515 residences sold.
“This has been an overheated market and it seems like it’s accelerating every month,” said Fred Sands, president of Fred Sands Realtors.
The condominium market in May broke both sales and price records. The average price of a condominium hit a high of $125,200, up 6% from $118,200 in April.
But higher prices didn’t deter buyers. The 404 condominiums sold in May were the highest monthly total since the board started keeping detailed condo statistics in 1985.
“Houses are less affordable, which makes the condominium market more popular,” said Gail Lawler, a real-estate agent with Mike Glickman Realty in Woodland Hills.
In May the average price of a single-family home was $234,000, a slight drop from April’s record $234,400. A total of 1,418 houses were sold.
May is traditionally strong for real-estate sales. Buyers with children want to move before school starts in September.
“We have cycles in this business,” said Temmy Walker, president of James R. Gary & Co. Ltd. East in Studio City. “May, June and July are the best months--always--regardless of economic conditions.”
The inventory of single-family houses grew 3% from April to May, but the 5,219 houses on the market is considered low. There were 1,797 condominiums for sale in May, down slightly from 1,808 in April.
The Valley realty board, California’s largest, reports sales by its members in the area from North Hollywood to Agoura.
Its statistics do not include most new residences or existing homes sold by their owners.
MAY VALLEY HOUSE SALES
NORTH WEST
Avg. Price: $238,700
Sales: 67
NORTH CENTRAL
Avg. Price: $239,600
Sales: 212
NORTH EAST
Avg. Price: $133,000
Sales: 228
SOUTH WEST
Avg. Price: $267,215
Sales: 318
SOUTH CENTRAL
Avg. Price: $271,300
Sales: 217
SOUTH EAST
Avg. Price: $241,700
Sales: 376
