San Fernando Valley home and condominium prices moderated while sales posted double-digit increases and the inventory of properties listed for sale continued to climb during November, the Southland Regional Association of Realtors® has reported.
Local Realtors® assisted the close of escrow last month on 545 single-family homes and 133 condominiums. Compared to November 2023, the home tally was up 12.4% while the condo total increased 26.7%.
“Regardless the market or state of the national economy, homeowners and homebuyers always find a way to consummate sales,” said Bob Khalsa, the 2024 President of the 11,000-member Southland Regional Association of Realtors®. “This year has seen high interest rates on home loans fall low enough to entice some buyers back into the market only to see the rate rise again. Now rates are in the low 6% range, which is far preferable to a year ago when they were in the mid- to high- 7% range. That combined with an expanding inventory has house hunters out even as the holidays approach and activity typically slackens.”
The Association reported a total of 1,608 single-family home listings plus 495 condominiums active listings at the end of November. The home supply was up 15.8% and condo listings were 49.4% higher than 12 months ago.
While down from October, when active listings for both categories hit their highest mark in multiple years, November’s robust supply continued to lure buyers into the market, which, in turn, prompted more owners to list their home for sale.
“Now that the national and local elections are settled,” said Valerie Biletsky, SRAR’s Chief Executive Officer, “many buyers realize there are fewer competitors to deal with around the holidays and have the added incentive of falling interest rates and an expanded inventory.”
The San Fernando Valley homes that closed escrow during November had a median price – meaning half were higher and half lower – of $1.02 million, which was down 1.0% from the median reported in November 2023.
The condominium median price of $570,000 was down 3.4% from the prior year. Both categories saw record highs set in July with the home record at $1.14 million and the condo record of $660,000.
SRAR’s Income-to-Loan guide found that an income of $255,118 was needed to qualify for an 80% loan of $816,000 on a San Fernando Valley median-priced single-family home of $1.02 million. With today’s lower interest rate than a year ago, the income needed to qualify was down 8.9%. The monthly PITI — principal, interest, taxes and insurance payments — would come to $6,378.
Pending escrows — an indicator of future sales — were down 25% for homes and off 28% for condominiums.
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 11,000 members, SRAR serves as a trusted resource and partner to the real estate profession and the community at large. Realtors® are dedicated to the highest standards of ethics and professionalism and committed to championing real property rights and pathways to homeownership for all. SRAR local market statistics are compiled from all available data share partner information accessible through CRMLS and may not represent complete activity for the San Fernando and Santa Clarita Valleys.
