Here are my estimates for December 2008 sales for the San Fernando Valley, Single Family Home sales look to come in around 730 and median price of approximately $365,000. Condo Sales are estimated around 230 and median of $225,000. The holidays could mean we have a larger than normal number of late reporters, I will know more about that in a couple of weeks.
The strength in the market was completely based on distressed sales. We may have had a quarter end where banks are trying to maximize the number of sales and book the losses into a "kitchen sink" type quarter. Or a more pessimistic view might be that the banks see things getting worse and worked to drive volume to keep from being overwhelmed. The economy and continued credit tightening are the significant negatives for the market. Low interest rates and continued liquidity in conforming mortgages is about the only positives right now.
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