Here are my estimates for November 2008 sales for the San Fernando Valley, Single Family Home sales look to come in around 630 and median price of approximately $385,000. Condo Sales are estimated around 202 and median of $245,000. Seasonality and lending guideline changes hitting the market hurt the market in November there is a possibility that the Thanksgiving holiday will cause a higher number than normal late reporters. We will know more about that in 2 weeks.
The issues that will be affecting the market for December and January outside of seasonality will be the Federal Reserve targeting longer term interest rates trying to reduce them. This has brought mortgage rates near 5% for vanilla, well qualified borrowers. Loan modification plans are starting to be rolled out en masse trying to relieve the foreclosure pressure. The headwinds to all that is continued contraction of mortgage credit and lending guidelines and of course the economy.
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