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Tuesday, Nov 5, 2024

Valley Home Sales Reach Record Low as Prices Fall

The number of homes sold last month in the San Fernando Valley reached a record low for February, even as inventory expanded and prices softened, according to a report from the Southland Regional Association of Realtors. During February, 266 single-family homes and 108 condominiums changed hands in the Valley market. Those figures represent a drop of 13.9 percent and 13.6 percent, respectively, from February 2018. Also, there were 1,186 properties on the association’s MLS service, a number that was up 23.8 percent compared to a year ago. “Today’s buyers have less competition to deal with and a wider selection of homes to choose from,” Dan Tresierras, the association’s president, said in a statement. “Plus, with fewer multiple offers, buyers are finding more sellers willing to negotiate the price.” The median price for a Valley home in February was $657,000, down 6.1 percent from a year ago. The average condo price was $420,000. In the Santa Clarita Valley, 116 single-family homes and 53 condominiums sold last month, representing drops of 8.7 percent and 10.2 percent, respectively, from February a year ago. The median price of single-family a home in Santa Clarita Valley came in at $590,000, a decline of 1.7 percent compared to February 2018. The condominium median price was $370,000.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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