Here we are, well into November, a time when home sales typically tend to slow down, both in number of listings and sales. And that’s the general trend for the Los Angeles communities we track. Not typical of years past, most communities are continuing to record continuing increases in sale prices over the previous year. In individual LA communities, we are seeing some exceptions. Tarzana, Lake Balboa and Encino have all recorded a decrease in active listings compared to the same period in 2019. Year to year, sales for the 3 communities compare as follows:
Tarzana’s number of sales are down by about 43%, while the average sale price is up 1% (10% for single, detached homes).
Lake Balboa has seen a 55% increase in the number of sales and 16% increase in the average sale price (around 18% increase for single residences).
For Encino, 2020 sales outnumber those of 2019 by approximately 30%, and though the average sale price for all types of homes has declined slightly – less than 1%, it’s risen over 6% for single residences since October, 2019.
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Source: CRMLS, The MLS