You may have seen the news that San Fernando Valley homes sales in September “surged” from last year’s low point. Check out this statistic:
September 2007 – 362 homes sold
September 2008 – 658 homes sold
In the Northeast San Fernando Valley (the REALTOR® region where Sylmar is located), homes for sale averaged 108 days on the market. The median sale price for this region was $285,000.
What does all this mean? According to the Southland Regional Association of REALTORs®:
1) Sales activity is being driven by favorable home prices.
2) Buyer confidence is slowly returning.
3) Foreclosure properties dominate the market, and have pushed all prices downward.
4) Homes that were too expensive a few years ago may now be within reach.
5) Homes for sale inventory is at a 6.9 month supply.
6) The current pace of sales is nearing a balanced market (5-6 month supply of inventory).
Keep checking back for more statistical information about Sylmar and the San Fernando Valley. And, if you or anyone you know in Sylmar needs assistance with real estate, please contact me.