Condominium active listings in the San Fernando Valley during August soared to the highest level in six years while condo closed escrows posted the first increase in seven months, the Southland Regional Association of Realtors reported today.
There were 2,940 single-family home and condo active listings combined at the end of August, an increase of 20.6% compared to August 2024. That was down slightly from the last two months which were the highest tallies in 14 years.
The combined total also represented a 4.6-month supply at the current pace of sales, just shy of the 38-year average monthly supply of 5.3 months – which is viewed as indicative of a balanced market. For comparison, the monthly supply averaged 2.6 months from 2019 through 2024.
“Our members report that they are seeing fewer multiple offers and an increase in the time a property lingers on the market,” said Anthony Bedgood, President of the 10,000-member Southland Regional Association of Realtors. “With a swelling inventory, sales typically also would increase, but some prospective buyers are hesitant because of the pervasive uncertainty clouding the home resale market and the national economy.”
“Yet the increase in condo sales during August also means other folks who want to own a home see an opportunity, appreciate a wider selection, and jump at the added bargaining power,” Bedgood said.
Local Realtors assisted the close of escrow of 169 condominiums last month, an increase of 3.7%. It was the first time since December that condo sales rose compared to the prior year.
The association also reported 465 single-family closed escrows, a decline of 19.3% from August 2024.
“A big dose of market certainty along with possible cuts in the interest rate for home loans could provide enough of a boost to pick up the pace of sales as the year draws to a close,” said Valerie Biletsky, the Association’s Chief Executive Officer. “At the moment, however, certainty seems elusive.”
The median price of the 645 homes that changed owners last month was $1,140,000, up 6.5% from a year ago though down from the record high $1,150,000 set in June. The condominium median price of $613,000 increased 1.3% compared to a year ago. The record high of $660,000 was set in July 2024.
SRAR’s income-to-loan guide for August calculated an income of $300,492 was needed to qualify for an 80% loan of $912,000 on a San Fernando Valley median-priced single-family home of $1,140,000.
With the national average interest rate at 6.83% last month, the income needed to qualify was up 5.6% from a year ago. The monthly PITI — principal, interest, taxes and insurance payments — totaled $7,512.
Chartered by the National Association of Realtors in 1920, the Southland Regional Association of Realtors is the voice for real estate in San Fernando and Santa Clarita Valleys. With 10,000 members, SRAR serves as a trusted resource and partner to the real estate profession and valley community.
