Familiar Trend Seen in Housing Market
Mirroring the laggardly market of a year ago, sales of single-family homes in the San Fernando Valley remained nearly static relative to last year, and prices remained stable.
A total of 936 Valley homes closed escrow in July, compared with 941 sold in July of 1995, according to the San Fernando Valley Assn. of Realtors.
The numbers stayed true to the trends of the last several months, in which sales remained steady, or showed at most faint signs of increasing.
Prices, too, remained locked in a familiar pattern, with a dip in the median price--the point at which half the homes sold for more and half for less--reflecting the fact that most sales are still concentrated at the bottom of the market.
The median price of a single-family home was $139,500, representing a substantial 19% fall from July of last year, when the median price was $172,500.
Average prices, meanwhile, inched up 5% to $230,000 from $218,600 last year.
“Entry-level single-family homes and condominiums are being eaten up by buyers,” explained Realtors’ association President John Maquar.
“The pent-up demand for housing is high,” he added. “A renter can become an owner while . . . paying less than what they pay for a comparable apartment.”
Overall, although no records are being set, the market is “much more normal and positive” than in recent years, said Vice President Jim Link. Link added that few expect prices to take a big jump any time soon.
July’s average single-family home price of $230,000 was the highest average price this year and an improvement over the past two years, which have been sluggish for Valley real estate. But it was meager compared to average prices prior to 1993--back when Valley homes still hovered in the $250,000 range, despite recession-related tumult in the market.
Condominium sales spiked up sharply again in July: A total of 246 Valley condos closed escrow in July, up 40% from 176 in July last year.
The median price of a condo dipped to $79,000, 14% lower than last July’s median price of $92,000. And the average condo price grew 9% to $110,900 from $101,500.
The Realtors’ association, the largest in California, compiles housing data monthly based on surveys of its 6,800 members.
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July Valley Home Sales North West: Avg. Price: $198,100
Sales: 209
North East: Avg. Price: $168,400
Sales: 133
South West: Avg. Price: $295,100
Sales: 204
South Central: Avg. Price: $217,900
Sales: 218
South East: Avg. Price: $252,600
Sales: 147
