January House, Condo Prices Drop From Record

As expected, the January prices of both single-family houses and condominiums fell from record highs set in December, the San Fernando Valley Board of Realtors reported Monday.

The average price of a single-family house in January was $263,600, down 5.9% from December’s record price of $280,200. However, January’s price was still 18% higher than a year ago, when the average was $223,400.

The average price of a condominium decreased 1.3% to $133,100 in January, from a record $134,900 in December. The average price in January was a 6.9% increase from the average price in January, 1988, of $124,500.

“Interest rates are bumping up slightly,” said Richard Mathies, regional vice president of Fred Sands Realtors. “That has caused a slight decrease in the tremendous amount of buyers we have had in the past.”

Even if the number of buyers has fallen, the actual number of houses and condominiums being sold seems to be holding steady.

There were 1,057 single-family houses sold in January, a 2% increase from December and a 24% jump from a year ago.

However, there was a slight drop in condominium sales in January--349 versus 368 in December. In January, 1988, 219 condominiums were sold.

More condominiums and houses were sold than in any other January in the board’s history except for January, 1979. “We saw a sales pattern similar to the current market 10 years ago,” said Buddy Bernard, the board’s president. “Sales soared to unprecedented levels in 1979.”

Bernard said January’s statistics may indicate that predictions of a slowdown in Valley real estate may be premature. “Many economists believe home sales will slow down this year, but the January totals suggest that demand for housing remains higher than ever,” Bernard said.

The Valley realty board, California’s largest, 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 not sold by real estate agents, or sales by homeowners who do not employ agents.

JANUARY SAN FERNANDO VALLEY HOUSE SALES

NORTH WEST Avg. Price: $288,000 Sales: 40

NORTH CENTRAL Avg. Price: $290,800 Sales: 165

NORTH EAST Avg. Price: $152,800 Sales: 197

SOUTH WEST Avg. Price: $308,190 Sales: 245

SOUTH CENTRAL Avg. Price: $291,000 Sales: 146

SOUTH EAST Avg. Price: $269,00 Sales: 264