Encino Housing Market Posts Good Numbers for October

It’s important for home buyers and sellers to look at localized real estate market data versus basing their decisions on regional and national numbers. The numbers for October are a case in point.

While the median price of existing single-family detached homes sold in California was down 3.3 percent from September, and down 8.9 percent from a year ago, Encino’s median price actually increased for the same periods.

The October statewide median was $278,060, down from $287,440 in September and down from $305,150 in October 2010, according to a press release from the California Association of Realtors.

In comparison, Encino’s median price in October was $875,000, up from $648,500 in September and $562,500 a year ago, according to Rodeo Market Reports. The information is obtained from the Southland Regional Association of Realtors/MRMLS MLS data.

The number of properties sold in Encino was down 18 percent from last year. But sales volume was close to double last October’s numbers, and the average sales price increased 34 percent from $769,775 to $1,033,052, according to Rodeo Market Reports.

Average days on market is also down in Encino from 121 a year ago to 86.

This is good news locally, because there are many neighboring markets in the greater San Fernando Valley area that are going in the reverse direction. I think the numbers speak to the desirability of Encino and the fact that houses continue to sell when they’re priced right.

Another positive for October is that 30-year fixed-mortgage interest rates averaged 4.07 percent, down from 4.23 percent in October 2010, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.92 percent in October 2011, compared with 3.36 percent in October 2010.

So it's more affordable than ever for qualified buyers. I think one of the big questions right now is how the federal government’s move to reduce the size of home loans it will guarantee will affect our local market.

Here’s hoping that Encino’s real estate market continues posting good numbers for many months and years to come.