Today I’m bringing you the latest market update for the San Fernando Valley and Porter Ranch.
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What’s going on in our local real estate market?
Last time, we let you know that inventory was incredibly low. It has gone up a bit in the spring buying and selling season, but it is still very low.
At the end of March, there were only 2,100 homes for sale in the entire San Fernando Valley. In Porter Ranch at the end of March, there were only 45 homes for sale out of 11,409 single-family homes in the area. That number actually went up above 60 at the beginning of April, but due to the number of buyers looking for homes, that number has already reduced into the low 50s. I expect that trend to continue and repeat itself over the course of the next few months because buyers are anxious to take advantage of current interest rates.
The number of homes currently under contract in the 91326 zip code is 55. The number of homes that have actually closed in the 91326 since the beginning of 2017 is 94. The amount of homes that have actually closed throughout the San Fernando Valley is down significantly from last year to this year, which again has a lot to do with the lack of inventory we’re currently seeing.
If you’re not priced correctly, don’t be surprised if you end up sitting on the market for awhile.
If homes are priced correctly, we are still seeing multiple offers across the board. Buyers are being picky and cautious so if you’re not priced correctly, don’t be surprised if you end up sitting on the market for awhile.
If you have any questions about the market or real estate in general, feel free to give us a call or send us an email. We would love to hear from you!
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