As we slide into the hot days of July, here in the Los Angeles San Fernando Valley, the housing market continues to sizzle. Throughout LA we’re seeing prices remain high, while in some areas they’re dipping down briefly and popping up slightly in others, which has been typical over the past several months. Meanwhile, the number of homes available for sale remains relatively low.
Want to know what’s happening with the market in your own community? Watch the video with market stats for 13 select San Fernando communities or keep reading below. And be sure to get in touch to receive a market update for any Los Angeles and Ventura County communities you’re interested in. All you have to do is ask
What’s this all mean for sellers? It’s still a great time to make that move! For most home owners, their equity has never been higher, and with that comes greater buying power to grab that next home. For buyers, though it means the competition is still fierce, for most it’s well worth buying, with low interest rates rendering the cost of owning often less than the cost of renting or maintaining a higher rate mortgage on a previous home purchase.
From May to June, out of the 11 communities I update you on, 6 saw an increase in the number of sales and 6 saw the number of pending sales rise. It’s worth noting that the same communities didn’t necessarily report both increased sales and increased pending sales. And month over month, while 8 out of the 11 Los Angeles communities recorded an increase in single residence average sale prices, only 5 of those posted a gain in all types of home sales prices.
Especially noteworthy is the fact that across the board, all communities have seen exponential increases in the total dollar volume of sales from June 2020 to June 2021. This is due not only to rising sale prices, but to the increase in the number of sales as well.
Here’s a closer look at what’s happening in 13 LA Valley communities. I’ve added 2 more this month.
- Lake Balboa
- Sherman Oaks
- Studio City
- Valley Village
- West Hills
- Woodland Hills
As you can see, the real estate market has gathered quite a bit of momentum, and home sales here in Los Angeles remain robust.
For more information about home sales in any Los Angeles community, contact me. One of my jobs as a realtor is to maintain a close watch on our market and keep my clients informed, and I am happy to do the same for you.