The continuing, upward trend of the residential real estate market throughout Los Angeles is reflected in last month’s record number of sales reported in Tarzana, Lake Balboa and Encino. Home Sales in Balboa more than tripled, going from 7 in December 2019 to 25 in the last month of 2020. Tarzana saw gains of almost 50%, and Encino experienced a 29% increase. Average sale prices remained strong and increased in most neighborhoods.
In December the average sale price of a single residence in Tarzana was $1.510 million. In Lake Balboa the average was $779,000, and $2.191 million in Encino.
With the low inventory of homes available to purchase, and sustained low interest rates, the forecast is for the current trend to continue well into 2021.
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Source: CRMLS, The MLS