Health & Fitness
San Fernando Valley Housing Market 2014
The housing market in the San Fernando Valley is off to a slow yet steady start. According to a recent article from Los Angeles Daily News and data pulled from Southland Association of Realtors, resale homes fell 11% from January last year, 393 closed in 2013 whereas 349 closed in 2014. Even with the dip in closed sales however, the median home price has gone up from $420,000 last year to $485,000 this year and up 2% from December 2013.
This slow increase in sales is promising as we usually see a decrease at this time of year. That did reflect in condo sales which fell 6% from last year closing 152 units this year down from 162 in 2013 and down 27% from December.
The good news is that foreclosures and short sales are few and far between these days. 34% of sales in January 2013 were distressed properties, this year, only 15%! This is the lowest percentage since June of 2012. Foreclsoures alone dropped 61.5% from last year.
Find out what's happening in Encino-Tarzanawith free, real-time updates from Patch.
While sales are slowly climbing, inventory is still very low. There were 1,297 houses and condos up for sale at the end of January, up 26.5% from last year, but that is still only a 2.6 month supply and a 6 month supply is considered a balanced market.
The chart shown is for all of California to give you an idea of how we compare in the Valley to the state as a whole.