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.
We are heading in to the traditional busy season for real estate. As the school year comes to a close, many families look at this as a good time to make a move. We are seeing a gradual increase in inventory and volume. While interest rates have jumped since the beginning of the year, there is still a strong demand for homes and not enough inventory. In the North Valley, we continue to see price increases month after month in both the average price and price/sq.ft. In the South Valley, the average price dipped in March but appears to be rebounding with more homes being sold and a nice increase in the price/sq.ft. We do expect the percentage increase to be smaller than last years abnormally high numbers of double digit increases. If homes are priced properly, we continue to see multiple offers, although not always the “2o” offers we were experiencing. it may be more like 3-5 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.