April April 4, 2022

Market Trends – April 2022 update

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.

While we saw a dip in number of sales in February, March rebounded quite strong.  The dip in February can also be attributed to the short month and slow sales during the holiday season.  In the South Valley neighborhoods saw an almost 50% increase in number of homes sold and the price/sq.ft. held steady.   The average price did drop a little, but these can be minor fluctuations, due to the condition/size of the homes sold.  For the North Valley, we saw a 64% increase in the number of homes sold.  Both the price/sq.ft. and average price increased slightly. It will be important to watch the next few months to look for long lasting trends on number of sales and price.  With the increase in interest rates, we will be looking to see how this affects the buyers ability to pay above asking prices.  As we are heading into the spring/summer season we would expect the upward trend in number of homes sold and we will be closely watching the price increases and how long houses are staying on the market.  Personally, we are still seeing multiple offers on listings and buyers need to remain aggressive in their offers.

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.