We’ve seen some great trends in the real estate market so far this year. Here’s what we’re keeping an eye on.
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It’s been awhile since we’ve given you a market update for Porter Ranch and the San Fernando Valley. There are a few statistics we’ve been tracking that we wanted to give you an update on.
Back in March, the median price in the San Fernando Valley jumped to $671,500. It’s been sticking around that level since then. We’re still seeing a lot of low inventory, which is keeping the market very strong.
Back in June, we saw a spike in inventory. In the three months since, we’ve seen a considerable drop as buyers continue to take advantage of the opportunity to buy with a low interest rate. We had 92 properties for sale in Porter Ranch in June, but we only have 75 on the market right now.
The average time for a home to sell for the San Fernando Valley as a whole is 39 days, but it only takes an average of 32 days in Porter Ranch. The key to a quick sale is pricing. If a home is priced right, it should be sold within a week or two.
The key to a quick sale is pricing.
Only 2% of home sales in the San Fernando Valley are coming from foreclosures these days. With that being the case, you’re starting to see certain neighborhoods hit their pre-2007 highs in terms of home values. The California Association of Realtors predicts a more healthy appreciation of 2% to 4% this year.
That’s all we’ve got for now. If you have any questions about the market or anything else related to real estate in the meantime, don’t hesitate to give me a call or send me an email. We can’t wait to hear from you.
