Median House Slides 11% Since ’94 : Real estate: October’s figure is $159,000, a slight monthly improvement. The high-end market is sluggish.
The price of a single-family home in the San Fernando Valley dropped 11% in October to $159,000 from $178,500 in October of last year, according to the San Fernando Valley Assn. of Realtors.
October’s median price--the point at which half the homes sold for more and half sold for less--was slightly higher than in September, when the median price was $158,000.
However, the average price of a single-family home was down less than 1% from last year, to $225,300 from $227,300 in October, 1994.
The October figures reflect a real-estate market that is lively in the lower price ranges, but sluggish at the high end, said Pat A. Zicarelli, president of the association.
Homes that sold for more than $500,000 closed on average at about 11% below their listed price. But those in the $140,000-to-$160,000 range closed on average only about 4% below their listed price, the association said.
“The higher you go in price, the bigger the percentage reduction [in price], and the lower the resale activity,” said Jim Link, association vice president.
A total of 785 single-family homes closed escrow in October, down 11% from 880 in October, 1994. The realtors counted 6,972 homes currently listed for sale in the Valley, 16% more than at this time last year.
The market for condominiums continued to be strong in October, as it has been for several months, but median prices dipped.
Escrows were closed on 172 condominiums during the month, up 30% from 132 in October a year ago. The median price of a condominium was $95,000, down 8% from $103,500 in October, 1994.
The average price was $116,600, up a hair from $116,400 in October, 1994.
The Valley realtors association, the largest in the state, reports housing sales monthly by its 6,800 members from North Hollywood to Calabasas.
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)
October Valley Home Sales
NORTH WEST
Avg. Price: $219.800
Sales: 185
NORTH EAST
Avg. Price: $131,300
Sales: 127
SOUTH WEST
Avg. Price: $317.400
Sales: 144
SOUTH CENTRAL
Avg. Price: $192,000
Sales: 132
SOUTH EAST
Avg. Price: $239.200
Sales: 105
