Thursday, May 22, 2008

April 2008 San Fernando Valley Condo sales not having a spring bounce.

The Southland Regional Association of REALTORS® April 2008 report had some significantly upward trending Single Family Home (SFH) sales. Looking at condo inventory, pendings, sales and prices it is clear the condo market is not enjoying the same spring bounce and is might possibly set for a record worst year for condo sales. The simple reality is that on the lower end home prices have fallen far enough to start competing and taking sales from the condo market and the condo market hasn't adjusted enough. This will be an even bigger story in a few years as life events (marriage, divorce, births, deaths, jobs loss and job movements) start affecting the 2004-2007 vintage buyer and they are stuck underwater.
Sales and prices dropped both from March '08 and April '07. April '08 sales were 146 compared to 151 the previous month and 175 last year. Median price for April '08 was $300,000 compared to $315,000 last month and $395,000 last year.

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