Tuesday, January 4, 2011

San Fernando Valley home sales report - November 2010

San Fernando Valley Single Family Home sales for November 2010 came in at 470 which is down 11.65% MoM and down 19.24% YoY. This is the fourteenth straight month of YoY declines and the second worst November on record for Single Family Home sales. The median price for single family homes came in at $385,000 which is even MoM and down 2.53% 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 December will come in below November levels.

Condo sales came in at 178 which is up 5.95% MoM and down 11.31% YoY. Median price for condos came in at $210,000 which is down 4.54% MoM and down 6.66% 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 November pendings (green line) the predictor (red line) suggest sales for December coming in lower than November.

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