Short Sale & Foreclosures for the San Fernando Valley - September 2010

Here is the sales breakdown for the San Fernando Valley for September 2010. The SFV has a lot more late reporters as a percentage of sales and so it is a bit tougher to discern right now just how weak sales will ultimately be for September. But, it appears that sales should be at the same levels as August perhaps slightly weaker.

San Fernando Valley home sales report - August 2010

San Fernando Valley Single Family Home sales for August 2010 came in at 539 which is down 8.49% MoM and down 19.55% YoY. This is the eleventh straight month of YoY declines and the WORST August on record for Single Family Home sales. The median price for single family homes came in at $400,000 which is up 0.25% MoM and down 2.83% YoY. Residential inventory is up YoY and growing. The market is completed stagnated, the administration is keeping the motivated inventory generally off the market and there is no market clearing event so sales and buyers choices will continue to be horrible going forward. New pendings last month were at levels suggesting September will come in at August levels.

Condo sales came in at 208 which is down 3.70% MoM and down 9.56% YoY. Median price for condos came in at $230,000 which is down 4.54% MoM and eevn YoY. The only strength in the market is in the condo space and I think that is due more to the amount of motivated supply (whole condo projects going defunct). Condo pendings aren't strong going forward and are at levels suggesting that September sales will look very much like August.

Based on August pendings (green line) the predictor (red line) suggest stagnant sales for September.

Ventura County August 2010 Home Sales

Dataquick reported home sales for Ventura County for August 2010 today. Home sales came in at 719 down 9.7% YoY and down 4.0% MoM. The median sales price came in at $370,000 down 1.5% YoY and flat MoM. Volume was lower from what I predicted at the beginning of the month. The anemic volume continues and looking forward to the weekly inventory pending and contingents it doesn't look like the malaise will end anytime soon. Prices will continue under pressure as a result.

Short Sale & Foreclosure for Ventura County - August 2010

Here are the sales for Ventura County August 2010. Sales are still very low, with late reporters I expect the official Dataquick numbers will be down YoY at around 750 sales. This continued stagnation in the market is the same boring story, less supply due to government intervention trying to keep prices high at all costs. Watching the weekly inventory reports for Ventura County you can see supply building but contingents and pendings have stopped falling rapidly due to continued price cuts by sellers. If Dataquick sales do come in around 750 that would be the worst August since in at least a decade (the period for which I have data).

Short Sale & Foreclosures for the San Fernando Valley - August 2010

Here is the sales breakdown for the San Fernando Valley for August 2010. The SFV has a lot more late reporters as a percentage of sales and so it is a bit tougher to discern right now just how weak sales will ultimately be for August. But, it appears that sales should be at "weakest August on record" levels. I doubt you will hear that spin in the local association press release.