Let’s take a look at the trends in the North and South San Fernando Valley for the last 3 months. Looking at just single family home sales in these markets, I look for trends in price and volume. While each neighborhood will have its own variables that effect the price, with this analysis I am sharing general trends in our local markets.
The largest number of sales was in December and then then January we saw a drop off. Remember, most of the January sales are for homes that went on the market in December, which is typically a slow time for new listings. The South Valley neighborhoods saw a consistent number of sales for February and the North Valley again saw another drop in numbers. This can also be generally attributed to the time of year. It will be important to watch the next few months to look for long lasting trends on number of sales. It is also important to see how many homes are on the market and how many days they are staying on the market. I will be looking at this in the coming weeks.
When it comes to price, homes in the South Valley have seen a continued increase in the average price, while the North Valley has seen some fluctuation. Again, this is something to watch over the next few months in order to truly understand where the trend is going. Ultimately, when it comes to price, it will always come down to area sales and what others are willing to pay for the same house.