With the first month of 2021 behind us, it’s apparent our Los Angeles real estate market is taking us on a wild ride to start the year! Fueled by the record low number of homes for sale and the continuing low interest rates, prices in most communities continue to push higher.
In Encino the Average Sale Price of a single residence is now $2.368 million, that’s up 14% from January 2020. Similarly, Lake Balboa saw over a 10% rise in the single residence average sale price to $786,000. The increase was even more dramatic in Tarzana – the January 2021 average sale price was $1.42 million, a comparative increase of 36%.
Pending sales continued to be strong as well, pointing to a vigorous February market as well. 85 homes went pending in Encino in January with 31 in Tarzana and 7 in Lake Balboa.
Looking at the graphs of comprehensive sales statistics, the climb in alL January residential sales is apparent.