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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.

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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.

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