Monday, April 20, 2009

San Fernando Valley March 2009 sales report

San Fernando Single Family Home sales came in at 640. This is up 33.3% from the seasonal low point a month before and up 53.9% from the all time low for a March the year before. The median price was $346,000 which was up 1.8% from the month before and down 26.3% from the year before. The issue for the market is one of inventory. The foreclosure moratoriums and "hope" for a bailout is keeping inventory off the market as every deadbeat homeowner tries to "get theirs". While I don't personally think this will ultimately be a successful strategy it will take some time to get through and meanwhile inventory keeps dropping. After we move through the bulge of pendings caused by this rush of demand I believe sales will slow as buyers have no additional purchasing power and sellers stay in denial.

Condo sales came in at 207. This was up 27.8% from the month before and up 37.1% from the year before. The median price came in at $200,000 which was down 4.8% from the month before and down 36.5% from the year before. Condos continue to perform worse than single family sales as supply is larger and demand is smaller in this area.


Anonymous said...

Looks like the idiot buyers are back out there in medium to full force and sellers are again smelling blood....

It's amazing isn't it...barely a year and half has passed since all this crap went down and people are at it again.

Deadbeat homeowners is right..couldn't have said it better myself.

Effective Demand said...

Some of the inventory reduction is temporary because of things like buyers making offers on multiple short sales. They are only going to close on one and all the different agents are happy to have an offer to submit to the servicer so they can get a negotiator assigned.