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Southern California Real Estate Market Update
Manage episode 181999601 series 1213289
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How is the market doing in the San Fernando Valley area? I’ve got the recent numbers in my latest video.
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How does the summer market look in our area? Before we launch into the update, I wanted to let you know that we have a couple of links for a list of all the local fireworks shows happening on July 4th.
Inventory has increased since April. That’s fairly typical of this time of year, where we see an uptick in inventory as the spring season moves into summer. The properties are still selling, but the inventory numbers have definitely increased.
In the end of April, we had about 2,200 homes for sale in the entire San Fernando Valley, and now we’re looking at almost 2,700 properties that have been listed. In Porter Ranch, there were 65 properties for sale in April, and now you’re looking at closer to 90 properties.
With these numbers, the inventory is still quite low.
With these numbers, the inventory is still quite low. Obviously there is more to choose from for buyers than there was a few months ago, but that inventory is still quite tight. Furthermore, even though we’re seeing more properties come onto the market, it doesn’t make much of a difference in inventory because demand is so high.
You can really see that reflected in the amount of closed escrows, which is up 30% from this time last year. In May of this year, we saw over 1,700 closed escrows in the San Fernando Valley, which is up from 1,300 in May 2016.
The other big news is that the Fed raised the interest rate again, but the rates really haven’t been that affected. We’re actually hovering around 4.5%, and buyers are currently qualifying with rates between 3.75% and 4% interest.
Right now the market is still very strong and properties are selling if they’re priced correctly. If you have any questions or you’re looking to buy or sell a home, please give me a call. I’d be happy to help you!
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