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October 2021 Real Estate Market Update for Selected San Fernando Valley Communities

The Los Angeles real estate market continues to be hot, entering into fall.  Home prices remain strong, registering another monthly uptick in 9 of the 14 communities I track here. Topanga did experience a dramatic month to month decline, from $2.484 million to $1.948 million, providing a good example of how month to month comparisons aren’t always the most reliable indicator of market change. Year to year, Topanga registered a 36% increase, from $1.431 million the previous September.  This is more in line with what we’re seeing throughout Los Angeles, with 13 of the 14 communities reporting increased average sale prices from September 2020. Most neighborhoods have seen a gain of 20% or more, while Lake Balboa registered a 42% rise with a September average sale price of $928 thousand.

Most communities experienced small changes in the number of sales in September. 7 reported a slight decrease, and 6 registered an increase. Topanga home sales remained steady at 8, month over month. And Woodland Hills experienced a notable decline form 121 home sale in August to 95 in September (refer to my comment about monthly sales figures in the paragraph above).

The number of listings in early October show relatively minor fluctuations with 10 of the 14 communities registering a decrease in homes available for sale. Tarzana has the largest rise, month to month, with a 22% increase from 44 to 55 homes.

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Source: CRMLS, The MLS

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