MLS


Broker Syndication Authorization

Data Integrity Standards

DataShare Area Coverage Map

Free IDX Link

ListHub

Matrix Information

MLS Fillable Disclosure Addendums

MLS Forms

MLS Rules

MLS Rules Changes

MLS Rules: Citation Policy

Neighborhoods/Areas/Tract Codes

Santa Clarita Area Letter

Santa Clarita Caravan Schedule

Sign Ordinance

Statistics



Advertisement
 

Advertise With Us!
Home > MLS > Statistics > Press Release

July 2016 (SFV)

San Fernando Valley Median Home Price Highest Since 2007

The median price of single-family homes sold during July throughout the San Fernando Valley exceeded the $600,000 benchmark for the fourth consecutive month with the $623,000 median price the highest since September 2007, the Southland Regional Association of Realtors reported on Thursday, Aug. 25.

“Home prices inch ever closer to the record highs of last decade, yet the pace of price increases is slowing and the pool of buyers who can afford to buy is shrinking,” said Gina Uzunyan, president of the Association.

Years of pent-up demand, today’s remarkably low interest rates on home loans, and a very limited inventory of homes listed for sale all keep upward pressure on prices, Uzunyan noted.

The July median price of $623,000 increased 3.8 percent from a year ago and has been on a virtually unbroken upward trajectory since hitting the record low of $339,000 in December 2011.

Despite dramatic differences in the today’s market compared to the boom of the 2000s, the July median price was a mere 4.9 percent below the record high of $655,000 established in June 2007.

Similarly, the condominium median price of $397,000 was up 13.4 percent over a year ago. It was the highest since July 2007, a mere 4.3 percent lower than the record high $415,000 set in February 2006.

“Not surprisingly,” said Jim Link, the Association’s chief executive officer, “rising prices combined with limited supply and falling affordability translate into fewer sales.

“We’re hearing that prices have gotten to the point where buyers are hesitant go higher than list price,” Link said. “There’s more negotiating going on and more sales coming in under list price and we’re not seeing as many sales at full price, especially since the number of all-cash buyers has receded.”

Realtors assisted a total of 542 closed escrows throughout the San Fernando Valley during July. That was down 10.1 percent from a year ago and surprisingly down 11.4 percent from June because July typically is one of the busiest months of every year.

Realtors also helped close escrow on 179 condominium sales during July. That figure was off 10.5 percent from July 2015 and 11.4 percent below this June, which posted the most condo sales so far this year.

Pending sales — a measure of future sales activity — have been strong throughout Southern California, but the San Fernando Valley appears to be running counter to that trend. There were 728 open escrows in the Valley at the end of July, down 15.1 percent from a year ago.

The number of properties listed for sale at the end of July was the highest so far this year yet nonetheless down 7.3 percent form a year ago and well short of what would be needed to satisfy current demand. The 1,720 active listings represented a 2.4-month supply at the current pace of sales. For perspective, when the housing market crashed in 2007, inventory averaged a 9.2-month supply. Since 2012, local inventory has stayed at or below a 2-month supply with only five months at or higher than a 3.0-month backlog.

Of the 721 total residential transactions reported last month, 96.9 percent were traditional sales. Seven transactions, or 1.0 percent of the total, were foreclosure related, while nine were short payoffs or 1.2 percent of the total.

The Southland Regional Association of Realtors® is a local trade association with more than 9,500 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.



   © 2020 Southland Regional Association of REALTORS®      Contact Us    |     Suggestions/Feedback    
Affiliates
Affiliate Benefits
Affiliate Member Lookup
Affiliate With Us
Sponsorship Opportunities
Community
Contribute to HAF
Going Green
Governmental Affairs
Homebuyer Grants
Events/Education
AREA Marketing Meetings
Calendar
Commercial Data Exchange
Leadership Institute
Online Ed
Sponsorship Opportunities
Webinars and Videos
Links
California Association of REALTORS®
California Bureau of Real Estate
Los Angeles County Business Federation
Los Angeles County Housing Resource Center
Los Angeles Housing Department
Los Angeles Neighborhood Councils
National Association of REALTORS®
Santa Clarita Valley Chamber of Commerce
The City of Los Angeles
The City of Santa Clarita
The Valley Economic Alliance
United Chambers of the San Fernando Valley
Membership
Application for Committees
Applications and Forms
Code of Ethics Requirement
Farming & Resource Materials
Member Benefits
Membership Resources
Outreach
REALTOR Action Fund
REALTOR Safety
Risk Management
MLS
Broker Syndication Authorization
Data Integrity Standards
DataShare Area Coverage Map
Free IDX Link
ListHub
Matrix Information
MLS Fillable Disclosure Addendums
MLS Forms
MLS Rules
MLS Rules Changes
MLS Rules: Citation Policy
Neighborhoods/Areas/Tract Codes
Santa Clarita Area Letter
Santa Clarita Caravan Schedule
Sign Ordinance
Statistics
Services
Advertise With Us
Auditorium Rental
Consumer Complaint Process
Print Shop
Professional Standards
R.E. Store
Tech Support Helpline
Tech Support Videos
Veterans
Privacy Policy  |  Accessibility