February 2021 Real Estate Market Update – Topanga, West Hills, Woodland Hills

Home sales in and around Los Angeles are off to a record start this year! The January numbers show double digit increases in most cities and communities.

For Woodland Hills the total number of sales increased 29% while the average sale price increased by 13% over January 2020.  The increase in single residence sales for the same comparison period was even more dramatic with the average sale price rising almost 20% to $1.189 million.

In West Hills, the story was similar with the average sale price rising 23% in January to $960,000 for single homes.

The exception was Topanga home sales, which registered an average sale price of $1.522 million last month, a 27% decline from the previous January. With only 5 sales in January 2021 and just 3 in January 2020, average sale price is heavily impacted by each individual sale. In the first month of this year, 1 out of 5 closed sales was over $2 million, and in the first month of 2020, 1 out of 3 closed sales was over $2 million.

Continued low inventory with continued low interest rates will keep feeding the competitive seller’s market well into spring.

Whether you’re considering jumping into the market, as either a seller or buyer, or are tracking values for your own home, let us know if you’d like to receive our complimentary customized market report in your inbox each month. We can send you the report for a particular area or for a specific address – just let us know! Sign up here.

Source: CRMLS, The MLS

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