Valley Home Sales Hit 8-Month High

A total of 925 single-family homes in the San Fernando Valley were sold in March, a 14% jump from a year ago, and it marked the best month for home sales since August, according to figures released Monday by the San Fernando Valley Assn. of Realtors.

The steady rebound in home sales so far this year came at the cost of a continued decline in prices.

Last month, the median sales price for single-family homes was $157,500, down 7% from $169,500 in March, 1995.

The median price is the point at which half the homes sold for more than $157,500 last month and half sold for less.

The average sales price, however, inched up 2% in March to $225,500, compared to $220,100 a year earlier.

The realty group noted that 79 homes sold in March for prices above $400,000, a price range in which sales have been dormant throughout this decade’s free fall in the local real estate market.

“It’s not a huge number or a great increase, but it is a sign that the trade-up market may be coming back to life,” said Jim Link, the Valley realty group’s executive vice president.

Through the first quarter of this year, 2,272 single-family houses were sold, up 13% from 2,009 a year earlier.

Sales of condominiums last month also showed a dramatic 58% rise, as 249 condos were sold--up from the 158 condos sold in March 1995.

But the median condo sales price fell another 12% to $84,000 last month, compared to $95,000 a year ago. The average condo sales price last month also fell 6% to $99,800, versus $106,400 in March 1995.

The Valley realty group tracks homes sales from its 6,800 members from Calabasas to North Hollywood, and its data usually do not include sales of new homes.