If economic and seasonal trends hold during December as expected, the residential real estate market in the San Fernando Valley likely will close 2025 with home and condominium sales down by a single digit compared to 2024, resale prices hovering just below record highs, and the inventory of properties listed for sale surpassing levels not seen since 2019, the Southland Regional Association of Realtors reported today.
The 393 single-family homes that closed escrow during November fell 18% compared to a year ago. Realtors guided 143 condominium sales to completion, a total that was up 5.9% from November 2024. If December condo activity matches the tally reported a year ago, annual condo sales will be down by approximately 1.5%.
Condo active listings remain a bright spot in the market with the inventory posting the best numbers in six years. The active inventory typically diminishes in the waning months of each year, though this year the condo supply came in at 799 active listings, up 38.5% from a year ago. The association also reported 1,693 active listings of single-family homes. That was down 9.1% from November 2024.
“Growing numbers of homeowners listed their property for sale this year and we saw plenty of pent-up demand from families eager to buy,” said Anthony Bedgood, the 2025 President of the 10,000-member Southland Regional Association of Realtors. “Yet, concerns over the economy – whether it’s headed up or down – has cast a shadow over the market.”
“We finally have a decent supply of homes listed for sale, interest rates now are at their lowest level since last December, and sellers often are open to compromise on prices,” Bedgood said. “Yet sales that close escrow take longer and are more complicated.”
The average number of days a home is on the resale market increased to 41 days in November, up 10 days from a year ago. Similarly, condos stayed on the market 44 days, up six days.
“The numbers suggest there are ample reasons and plenty of opportunities for people who want to buy a home to get off the sidelines and jump into the market,” said Valerie Biletsky, the Association’s Chief Executive Officer. “There are fewer competitors during the holidays and through the early months of each new year. Plus, interest rates often fall in the next few months to their lowest level before heading up again in the spring.”
Pending sales – a measure of future closed escrows – fell 36% for homes and 14% for condominiums.
SRAR’s Income-to-Loan guide for November found that an income of $164,303 was needed to qualify for an 80% loan of $519,200 on a San Fernando Valley median-priced condominium of $649,000. With the national average interest rate at 6.34% during November – the lowest since December 2024’s 6.31% and well below the 7.79% of October 2023 – the income needed to qualify increased 15.2% compared to a year ago. The monthly PITI — principal, interest, taxes and insurance payments — totaled $4,108.
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 the community at large.
