Are prices starting to level off?
Maybe I'm being overly optimistic but could the fact that the median sales price in the San Fernando Valley in March was $525,000 which is down 13.9% from 1 year ago[:'(] but UP 5% from January 2008
, mean that we are on the up-swing or at least leveling off. Or is it just that the winter months are traditionally slow and this is just the market reacting to spring
?
I don't have the answer to that but here is what I do know:
In April 2008 there were a total of 10,596 properties listed in the San Fernando Valley MLS. That was an increase of over 50% from February 2008. Based on today's trends this total represents about a 16-month inventory (5-6 months represents a balanced market).
More inventory = more choices = more negotiating leverage.....Now is a great time to buy!
For a more in depth look at the Real Estate Stats for The San Fernando Valley go to Southland Regional Association Of Realtors Stats
Southland Regional Association Of Realtors