The San Fernando Valley Real Estate Market Is Going Strong

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Today, I'll give you a quick real estate market update for the San Fernando Valley. Fall is upon us, we're beginning the fourth quarter, and things are still going strong.

If you look all the way back to January 2015, there were 2,743 homes for sale. That number went up to almost 3,000 homes at the end of May, and by the end of August, we had almost 3,300 homes on the market. That's still a seller's market. As I've mentioned before, you need to have 7,500 homes for sale to have a neutral market.

Last month, the interest rates dipped and the inventory dropped to 2,279. Now, it is kind of a seasonal pattern for inventory to drop in September. However, since the interest rates dipped, a lot of buyers went out and purchased homes, which contributed to the homes on the market dropping from 3,300 to 2,279.

Right now, you're looking at a less than 3-month supply of inventory on the market. The average number of days on market is 66, and we're still seeing a lot of multiple offer situations. If you put your home on the market and price it correctly, you can still attract multiple offers to your property.

That is our market update. If you have any questions, give me a call or send me an email. I look forward to hearing from you!