July Market Update for San Fernando Valley

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions. 

The year is halfway over, making now an ideal time to give you an update on the San Fernando real estate market. Right now, the market is still very strong, with a good deal of activity from both buyers and sellers. There are currently 3,200 homes for sales, which is up from about 2,600 at the beginning of the year. However, this means we still currently have a seller's market. 

At the beginning of the year, we saw homes sell quickly before interest rates went up - which had a leveling effect on the market. Today, rates have fallen back down to about 4.1% for a 30-year fixed rate mortgage. That's a solid rate if you're looking to buy a home, and we don't know how long it will be before we see rates rise again.

Another important thing you should know about the current market is that appreciation is not like it was last year, where house prices were jumping at an incredible pace. It is currently at a healthy rate, with properties appreciating at about 1-2% a month. This has brought buyers back into the market, increased demand, and created a lot of multiple offer situations - all of which are great news for those looking to sell a home.

The average time on the market is 39 days - but it is not uncommon to see a home sell with multiple offers within the first week if it is priced right. In addition, many homeowners who either had a short sale or were foreclosed in the past few years are back in the market. They represent a large pool of buyers who have been absent until recently.

As you can see, there are many reasons for buyers and sellers alike to enter the market. If you have any further questions about current market conditions in San Fernando Valley, or are interested in buying or selling a home, feel free to send us an email or give us a call. We'd love to hear from you.