Valley Condo Prices Hit Record Highs

Condominiums in the San Fernando Valley hit an 11-year record price in May, according to the Southland Regional Association of Realtors Inc. The median price reached $419,000, a leap of 17 percent from a year ago last month, and the highest price since February 2006. In terms of activity, the number of condominiums sold rose only 1 percent to 203. Single-family home prices saw a far smaller increase of 6 percent to $635,000, according to the association. Sales activity, however, was up 6.7 percent. For-sale inventory of both home types continued to drop in May, and was down more than 18 percent. Nancy Starczyk, president of the association, said in a statement, “there is little on the horizon suggesting the market is in for a big change anytime soon.” That trend of condominium price growth outpacing that of single-family homes carried into the Santa Clarita Valley last month. Condominium prices jumped nearly 6 percent to $370,00 while single-family home prices were up less than 2 percent to $560,000. Sales activity was mixed for the two home types. It rose about 6 percent for condominiums to 107 units while single-family home sales fell 2.4 percent to 246 closings.