MLS


Broker Syndication Authorization

Data Integrity Standards

DataShare Area Coverage Map

Free IDX Link

ListHub

Matrix Information

MLS Forms

MLS Rules

MLS Rules Changes

MLS Rules: CARETS Citation Policy

Neighborhoods/Areas/Tract Codes

Santa Clarita Area Letter

Santa Clarita Caravan Schedule

Sign Ordinance

Statistics



Advertisement
 

Advertise With Us!
Home > MLS > Statistics > Press Release

November 2018 (SFV)

Home, Condominium November Sales Slow; Active Inventory Jumps 40%

A total of 414 single-family homes and 133 condominiums changed owners in the San Fernando Valley during November, down 13.8 percent and 26.1 percent, respectively, even as the number of active listings posted the December 20

With pendingsales that are waiting for escrow to close off 18.4 percent from a year ago, 2018 is on track to end with total single-family home sales throughout the Valley down by more than 8 percent, the Association’s statistics indicate.

Through November, local condominium sales were tracking 18.7 percent lower than 2017.

“There are fewer competitors out there, interest rates have fallen recently, prices are negotiable, sellers seem more flexible, and inventory is rising: Sounds like a great time for serious homebuyers to get busy,” said Gary Washburn, the 2018 Association president.

“You’ll still bump into multiple offers,” he said, “but not as many as just a short while ago. A purchase is possible!”

The Association reported the median price—meaning half the sales were lower priced and half higher—of homes sold during November at $660,000, down 2.2 percent from a year ago.

The median price of condominiums was $426,500, up 2.8 percent compared to November 2017.

Both homes and condos recorded record-high median prices this year: the home record of $708,000 came in May and again in August; while the condo record median price of $449,000 was established in July and August.

“Conditions are more favorable than earlier in the year,” said Tim Johnson, the Association’s chief executive officer, “yet some buyers are hesitating, waiting for a sign about the direction of the economy.

“Yet buyers who are in actively house hunting now understand that this is a window of opportunity,” he said. “Current buyers realize that they have a chance to snag a lower interest rate. Plus, slower prices increases eases some of the pressure to act quickly, and the added bonus is that they have more options as the inventory slowly expands.”

There were 1,509 active listings at the end of November. That was up 40.4 percent from a year ago, which was the largest percentage increase since 2014.

At the current pace of sales, the active listings represented a 2.8-month supply. November was the fifth consecutive month above the 2.0-month benchmark.

Any increase in the inventory is welcome, but the 30-year historical average calls for a 5.9-month supply to yield a market where neither buyer nor seller has an advantage.

Even with the slowdown in sales, distressed sales have fallen off the radar.

Of the 747 combined home and condo escrows closed during November, 96.9 percent were standard sales involving traditional buyers and seller.

Seven sales were foreclosure related, for a 1.3 percent market share, while there were three, or 0.5 percent, short sales, where a lender accepts a purchase price lower than an outstanding home loan.

The Southland Regional Association of REALTORS® is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.

— 30 —



   © 2019 Southland Regional Association of REALTORS®      Contact Us    |     Suggestions/Feedback    
Community
Contribute to HAF
Going Green
Governmental Affairs
Homebuyer Grants
Events/Education
AREA Marketing Meetings
Calendar
Commercial Data Exchange
Leadership Institute
Online Ed
Sponsorship Opportunities
Webinars and Videos
Links
California Association of REALTORS®
California Bureau of Real Estate
Los Angeles County Business Federation
Los Angeles County Housing Resource Center
Los Angeles Housing Department
Los Angeles Neighborhood Councils
National Association of REALTORS®
Santa Clarita Valley Chamber of Commerce
The City of Los Angeles
The City of Santa Clarita
The Valley Economic Alliance
United Chambers of the San Fernando Valley
Membership
2019 Committee Application
Applications and Forms
Code of Ethics Requirement
Farming & Resource Materials
Member Benefits
Membership Resources
Outreach
REALTOR Action Fund
REALTOR Safety
Risk Management
MLS
Broker Syndication Authorization
Data Integrity Standards
DataShare Area Coverage Map
Free IDX Link
ListHub
Matrix Information
MLS Forms
MLS Rules
MLS Rules Changes
MLS Rules: CARETS Citation Policy
Neighborhoods/Areas/Tract Codes
Santa Clarita Area Letter
Santa Clarita Caravan Schedule
Sign Ordinance
Statistics
Services
Advertise With Us
Auditorium Rental
Consumer Complaint Process
Print Shop
Professional Standards
R.E. Store
Tech Support Helpline
Tech Support Videos
Privacy Policy  |  Accessibility