San Fernando Valley condominiums hit their highest median sales price in March since September 2007, according to monthly data from the Southland Regional Association of Realtors Inc.
At $382,000, the median price for condominiums in the Valley was 14 percent higher than the same period last year, said the association. Meanwhile, the median price of single-family homes rose 10.5 percent in March over a year ago.
Inventory of homes and condominiums continues to decline and in March, 1,334 total properties were listed on the Multiple Listing Service, down 7.3 percent from a year ago. That inventory is only a two-month supply, the association said. March was the 14th consecutive month when inventory dropped.
Sales volume of condominiums rose 13.2 compared to last year, while sales activity of single-family homes fell 12.5 percent, mostly due to the limited inventory.
“Low inventory equals low sales,” said Jim Link, chief executive of the association.
In Santa Clarita Valley, condominiums also were the hot ticket last month. Sales increased 20.3 percent to 83, according to the association, due to strong demand from first-time home buyers.
In contrast, single-family home sales activity dropped 2.9 percent to 203 transactions.
The median price of single-family homes stayed flat at $520,000 from a year ago. Condominiums, however, saw their median price climb 8.2 percent to $330,000.
For both property types, the number of listings fell 4.1 percent, representing a 1.8-month supply.
“Any property even remotely priced right sells quickly, with heavy demand putting incredible pressure to act quickly on buyers, sellers and their Realtors,” said Gina Uzunyan, association president.