Thursday, October 9, 2008

San Fernando Valley September sales estimates

I'm a little late calculating my preliminary SFV numbers this month, SFH sales currently stand at 676 and a median of $399,000. Condo sales are 225 and median was $250,000, I think there is something up with that median though and using an estimate based on the average price I used $265,000 for the graph. Sales are up both MoM and YoY and prices were down MoM and YoY. Last year at this time the subprime and Alt-A markets abruptly disappeared and the market was left with Fannie/Freddie and FHA and that accounted for such a historic low in sales. Now that prices have fallen sales will look dramatically better when comparing YoY numbers but as you can see from the graphs they are very low historically. So when you hear how great the market is you can keep in mind the historic context and see that the market is still very sick and major price declines continue.

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