Real Estate Prices Stabilizing in San Fernando Valley
Cited: DailyNews
The decline of June’s median cost was the smallest in 18 months. San Fernando Valley home prices fell 13% in June from the previous year, the smallest decline a year and a half that proves prices are beginning to stabilize according to a trade association. This could be the balance in the market that analysts have been predicting.
The median price of a previously owned home was $375,000 last month, compared with $431,000 in June 2008, said the Southland Regional Association of Realtors. The $56,000 drop is the smallest decrease since the median fell 12 percent to $537,000 in December 2007 from $613,000 a year earlier. The median also rose 7 percent, or $25,000, from $350,000 in May. The median has increased on a monthly basis for three of the last four months.
The May-to-June increase indicates that prices have found a floor, said Jim Link, chief executive officer of the Van Nuys-based association. “I honestly think we hit the (price) bottom early this year or late last year and have since been treading water,” Link said. “To me, it’s a sign that this declining market may not be on the decline anymore.”
Link said that properties selling at or below the median are attracting multiple offers, which also helps boost the list price. There were 775 home sales in June, 15.5 percent more than the 671 a year ago. There were 67 more sales last month than May’s total of 708.
Sales activity has also moved into higher price ranges, Link said. Last month the number of active listings plunged 52 percent to 3,359 properties from 6,935 properties a year ago. That represents a 3.3 month supply at the current sales pace, a level last seen in the boom market in the early part of the decade. Realtor Ana Maria Colon, the association’s president, lamented the lack of supply.
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“Personally, because there are so few listings, I cannot find anything for a bunch of my buyers,” she said in a statement. Link said the sales are also being constrained because lenders are still cautious about issuing mortgages.
“The demand appears to be there to absorb the volume without killing a market that appears to be turning around,” he said.
The report also showed that:
- In the condominium market, the median price fell 23 percent to $226,000 from $295,000 a year ago. But it increased 22 percent, or
$41,000, from $185,000 in May. - Sales increased to 236 in June from 230 a year ago. There were 10 more sales in June than in May.
- In the Santa Clarita Valley, the median house price fell 9 percent to $410,000 from $450,000 a year ago. It increased $10,000 from May.
- Home sales fell 12 percent to 202 in June from 229 a year ago. They increased by 6 percent from May.
- The condominium median price fell 18 percent to $232,500 from $285,000 a year ago. It fell 3 percent from $240,000 in May.
- Sales increased 19 percent to 89 in June from 75 a year ago. They increased 31 percent from 68 in May.
It is feared that another wave of foreclosures will hit the market soon. Last month, San Diego-based MDA DataQuick reported a 14% increase in defaults in Los Angeles County in the second quarter to 24,622 from 21,632 the year before. This is the first step in the foreclosure process. Link also stated that the banks management of the foreclosure supply should be in an orderly fashion and things should be all right.
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My Take: This is one sign that the economy is beginning to recover. Homes are priced at below market rates all over country and people are beginning to buy. On one hand, the recession has allowed those who could not afford a home purchase one and on the other, it has caused those who wish to sell a home to take a loss. This is just the way things balance out.
Those who own homes are experts at playing a balancing game. Not only do they have to balance their finances, they also have to balance repairs and other bills, such as pest control. They could always purchase their own pest control products as part of this balancing act. However, sometimes that Catchmaster fly ribbon is not enough to get rid of certain pests. You need roach killer for roaches and ant bait for ants and then you have those pesky termites.
The most important balancing act with a home is the mortgage. You cannot play the game of “rob Peter to pay Paul” where a mortgage is concerned. You may have to tighten those belts a little bit to get by, but it can be done. If you find that you are having problems with your mortgage, go to your lender and ask questions to find out what you can do to alleviate the problem.
Otherwise, you will find yourself packing and moving into an apartment or worse, a trailer. This is not something that you want to experience if you own your own home. You want to keep that home! Do the right thing before it becomes the wrong thing.
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