Thursday, October 21, 2010

San Fernando Valley home sales report - September 2010

San Fernando Valley Single Family Home sales for September 2010 came in at 581 which is up 7.79% MoM and down 15.06% YoY. This is the twelfth straight month of YoY declines and the second worst September on record for Single Family Home sales. The median price for single family homes came in at $395,000 which is down 1.25% MoM and up 3.95% YoY. 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 October will come in at or below September levels.

Condo sales came in at 194 which is down 6.73% MoM and up 2.64% YoY. Median price for condos came in at $220,000 which is down 4.34% MoM and down 5.17 YoY. Relative to SFH condos have been performing better but that is because there is more motivated condo supply than SFH. Sales are still horrible in historical context, just not as bad as SFH.

Based on September pendings (green line) the predictor (red line) suggest sales for October coming in about even.

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