San Fernando Valley condo prices reach a record high
The median price of condominiums in the San Fernando Valley has climbed to a new record, rising 9.5 percent in July to $449,000, according to the Southland Regional Assn. of Realtors.
That number surpassed the prior record of $438,000 set in June, the association’s report said.
Real estate experts say low inventory and inadequate housing production are pushing prices up.
“Our soaring prices and limited inventory points to an irrefutable fact,” said Gary Washburn, the association’s president, in a statement. “There will be no price relief until more housing is built to satisfy pent-up demand.”
Meanwhile, the median price of single-family homes sold in July in the Valley came in at $690,500, which is a 3.8 increase from a year ago, according to the report.
Some house hunters are under pressure to purchase before the interest rates go up later this year.
“My home buyers, especially millennials, find homeownership very important, but home prices are very high,” said Bandele Oguntomilade, the owner and Realtor at Woodland Hills-based Bogun Realty and Luxury Homes. “Sometime they have their parents join them just to increase their chances of winning an offer.”
The association said it assisted the sale of 518 single-family homes and 159 condominiums thought the Valley in July, a 6.6 percent raise from a year ago for home sales.
In the Valley, there were 1,388 active listings at the end of last month, a 2.7 percent decline from a year ago.
“For comparison, the 7,730 active listings total reported in October 2007 was the highest last decade, yet still well short of the record high 14,976 active listings of July 1992,” according to the report.
In the Santa Clarita Valley, a median price of condominiums that changed owners in July was $379,000, a 5.9 increase from 2017.
Meanwhile, the median price of homes that closed escrow last month was $600,000. That was a 2.6 percent rise from a year ago, the report said. The record high home price of $643,000 was reported in April 2006.
The association said it closed escrow in July on 215 single-family home sales and 90 condominiums in the Santa Clarita Valley.
Source: dailynews.com
Accessibility