Tuesday, November 30, 2010

San Fernando Valley home sales report - October 2010

San Fernando Valley Single Family Home sales for October 2010 came in at 532 which is down 8.43% MoM and down 19.76% YoY. This is the thirteenth straight month of YoY declines and the second worst October on record for Single Family Home sales. The median price for single family homes came in at $385,000 which is down 2.53% MoM and up 1.28% 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 November will come in at October levels.

Condo sales came in at 168 which is down 13.40% MoM and down 26.31% YoY. Median price for condos came in at $220,000 which is even MoM and down 6.38% 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 October pendings (green line) the predictor (red line) suggest sales for November coming in about even.

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