Latest Updates: February, 2020
San Fernando Valley Real Estate Market Insights and Statistics
The San Fernando Valley real estate market heated up during the fourth quarter of 2019 most likely due to low-interest rates and a strong job market. Let’s try to find out more about the SFV existing property market and other factors. Here’s a list of stats explaining the overall factors that affect home prices and availability in San Fernando Valley.
- Buyers are eager to stretch their buying power by capturing today’s already low and still falling interest rates.
- Low- and medium-priced homes are going out the door much faster.
- The lack of inventory limits buyer options and keeps upward pressure on home prices.
- As per SRAR.com, the active MLS properties was down 39.6 percent from a year ago and just 17 listings higher than the record low 770 listings reported in December 2019.
- In January 2020, condo sales improved 45.7 percent compared to the record low of 94 condo sales reported in January 2019.
SFV Single-Family Homes Price Reported in January 2020
The single-family homes annual price in San Fernando Valley set its record high at $740K in January 2020 from $709,250 in the last quarter of 2019. The Single-family housing market covers almost half of San Fernando Valley real estate.
San Fernando Valley Single-Family Housing Market - Image Courtesy of SRAR.com
New Condominium Listings Reported in January 2020
According to the Southland Regional Association of REALTORS reported on Feb. 26, the condominium annual sales increase in January 2020 approx. to 45.7% even as the supply of properties listed for sale stayed near a record low. The median price of condominiums in San fernando Valley records highest in last quarter of 2019 at 2% to $439,900 however in January 2020, it reported down 3.4% to $420,000.
San Fernando Valley Condominium Sales - Image Courtesy of SRAR.com
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What Does the Future Look Like? - San Fernando Valley Housing Market Projections 2020-22
Based on the current median prices of properties, the housing market in the San Fernando Valley is balanced. The demand for homes is speculated to increase slightly in the second and third years of the forecast period likely because of greater net in-migration. It is said that the units under construction will satisfy some of the forecast demand. The demand estimates in the analysis is not a forecast of building activity. These are the estimates of the total production needed to achieve a balanced housing market at the end of the 2022 forecast period given conditions on the as-of 2020 analysis, growth, losses, and excess vacancies. The San Fernando Valley home prices have risen to a point where affordability issues combined with limited availability that constrain buyer choices. Moreover, choosing the right neighborhood to invest can make all the difference in how a San Fernando Valley real estate property performs.
San Fernando Valley Real Estate Prices are Rising. Here's Why?
The San Fernando Valley’s economy, real estate, and the job market are poised to grow over the next few years, outperforming the greater Los Angeles area. A lot of economists believe that current market trends are pointing towards the future growth of San Fernando Valley. Job availability in the Valley will continue to grow by thousands in the next few years. The projections above are based upon the economy and market trends from the last three years. The current scenario in the San Fernando Valley Real Estate industry for Home Sellers is strong. Here are some of the top-rated real estate and property management services including, San Fernando Valley Homes Listings, Los Angeles Property Management, Los Angeles Hard Money Lenders, Apartment Property Management, and more.
As more and more jobs are created, more people are migrating to the Valley. As these people migrate, the estate market is boosted for home sellers. There has been a 13% rise in the median price per home since early 2017. This is the best time for home sellers to sell their homes in the San Fernando Valley and get a strong price. So the predictions and market trends above suggest if you are thinking of selling your home, 2018 is the right time to do so.
Credit - http://www.srar.com
San Fernando Valley's Job Market and wage growth are up and rising
Rising Job Numbers in the Valley, a Major Boost for Real Estate
The valley’s economy will continue to grow at 2.8% percent in 2019 from 2.5% in 2017. Economists predict that the San Fernando Valley will continue to add more jobs. The number of jobs in 2018 is expected to grow by 1.4% and 1.5 percent in 2019. The San Fernando Valley has the highest median earnings of $83,848 for earnings in the Computer, Engineering, and Science occupations. If we look at the Information and Technology sectors, salaries have increased by 15%. Over the last decade internet development, software engineering and other information technology sectors have given major boosts to the Valley's economy and have kept the demand for homes high.
Condominium Annual Sales Rise 7%
San Fernando Valley — In February Median Price of Homes Sold Hits Record High; Limited by an extremely tight inventory.
The median price has increased by nearly 16.7% in the past full year to $700,000 for Single Family Homes in the San Fernando Valley as per the Southland Regional Association of REALTORS® report. The Median price for a condominium was up 2.8 percent to $410,000 from a year ago. At the time when home resale prices are rising, the inventory is dropping.
As very few properties are listed for sale in San Fernando Valley, each home is getting multiple buying offers resulting in stiff competition. With fewer homes listed, more buyers and multiple offers resulting in higher prices, making the market more intense. Interest rates will be increasing through the years, so buyers will be lining up to buy their own home.
February 2018 Real Estate Market analysis
February reported 958 residential Active listings which are 13.1 percent off from a year ago. Here are the few Statistics of SINGLE FAMILY HOMES and CONDOMINIUMS in the San Fernando Valley in February 2018 :
New Single-Family Listings Reported in February 2018
Encino, Lake Balboa, Reseda, Tarzana, Van Nuys - 107 New Listings
Chatsworth, Granada Hills, Mission Hills, North Hills, Northridge - 163 New Listings
Arleta, Kagel Canyon, Pacoima, Panorama City, San Fernando, Sun Valley, Sylmar - 81 New Listings
Bell Canyon, Calabasas, Canoga Park, Hidden Hills, Monte Nido, West Hills, Winnetka, Woodland Hills - 216 New Listings
Cahuenga Pass, Lake Hollywood, North Hollywood, Sherman Oaks, Studio City, Toluca Lake, Valley Glen, Valley Village, Van Nuys - 92 New Listings
New Condominium Listings Reported in February 2018
Encino, Lake Balboa, Reseda, Tarzana, Van Nuys - 37 New Condos Listed
Chatsworth, Granada Hills, Mission Hills, North Hills, Northridge - 28 New Condos Listed
Arleta, Kagel Canyon, Pacoima, Panorama City, San Fernando, Sun Valley, Sylmar - 31 New Condos Listed
Bell Canyon, Calabasas, Canoga Park, Hidden Hills, Monte Nido, West Hills, Winnetka, Woodland Hills - 28 New Condos Listed
Cahuenga Pass, Lake Hollywood, North Hollywood, Sherman Oaks, Studio City, Toluca Lake, Valley Glen, Valley Village, Van Nuys - 39 New Condos Listed