House and Condo Sales Continue to Rebound in February Despite Quake : Real estate: Single-family house sales jumped 19% last month. But sale prices keep falling, and drop 10%.

By PATRICE APODACA

March 8, 1994 12 AM PT

TIMES STAFF WRITER

Sales of existing single-family houses and condominiums in the Valley continued to rebound in February from last year’s slow pace, despite fears that the Jan. 17 Northridge earthquake would stanch buying activity.

But, as has been the pattern for the past several months, the year-to-year sales gain was accompanied by a continuing slide in prices paid for houses and condominiums.

A total of 596 houses and condos changed hands in the Valley last month, up 16% from the 512 residences sold in February, 1993, according to the San Fernando Valley Assn. of Realtors. Last month’s sales total was 20% below the 748 units sold in January.

Single-family house sales jumped 19% last month, to 513 from 432 houses sold in February, 1993. But the number of properties sold were down 19% from the 634 houses sold in January.

The average price of a single-family house sold in February was $231,600, 10% below the $256,500 average price a year before, and down slightly from January’s average price of $234,200. The median price of a single-family house fell 10%, to $180,000 last month from $199,000 in February, 1993. The median price means that half the units sold for more than $180,000, and half sold for less. February’s median price was 3% below the January median price of $185,000.

The realty association said the impact of the earthquake was evident in a 40% drop in sales in the region that includes Northridge and Granada Hills, two communities hit hard by the quake. Also, it blamed the earthquake for a 25% plunge in the number of active listings of homes for sale, to 8,814 in February from 11,768 in January.

“The earthquake-induced drop in inventory isn’t enough to halt the slide in prices caused by the recession,” said Jim Link, the association’s executive vice president. “If, over time, the inventory fails to grow, it could stabilize and eventually turn the tide on prices.”

After months of generally negative numbers, condominium sales showed a year-to-year gain in February, rising 4%, to 83 units sold from 80 a year earlier. However, February’s condo sales plunged 27% from January’s total of 114.

Condo prices also continued to fall. The average price of a condo sold last month was $121,700, a 16% decline from the $144,500 average in February, 1993, and 6% lower than the January average price of $129,300. The median condo price in February was $119,000, down 7% from $128,000 a year earlier, and 5% below January’s $125,000 median price.

The Valley realty group, the largest in California, has 7,800 members from North Hollywood to Calabasas. Its figures generally do not include sales of new homes.

February Valley Home Sales

NORTH WEST

Avg. Price: $217,700

Sales: 33

NORTH CENTRAL

Avg. Price: $199,400

Sales: 59

NORTH EAST

Avg. Price: $138,200

Sales: 64

SOUTH WEST

Avg. Price: $269,600