When you're buying or selling a home, national news and statistics are really not relevant. Whay should you care what someone payed for a house in Arkansas when the houses here in Los Angeles, and more specifically, in Lake Balboa are going for a completely different price? Even within Los Angeles, we have price differences from one neighborhood to the next. This is the second a weekly series to publish the market conditions for the Lake Balboa neighborhood. I hope to expand my areas eventually, but I'm going to start here first and then grow slowly, possible to include market conditions for Encino, Sherman Oaks, and Tarzana. Please feel free to let me know if there's an area you'd like to see.
This report for the week of November 21st includes the following:
- Current Real Estate Market Conditions for Single Family Homes
- Trends in Pricing
- Current Levels of Supply and Demand
THIS WEEK: The median list price in VAN NUYS, CA 91406 - Lake Balboa this week is $309,927. The 115 properties have been on the market for an average of 155 days. Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market. Light inventory means less competition for sellers, which is one of my top reasons for listing your home in the fall/winter season.
SUPPLY AND DEMAND: The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
MEDIAN PRICE:
We continue to see prices in this zip code bouncing around this plateau.
INVENTORY OF PROPERTIES LISTED FOR SALE: Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply. Again, declining inventory means its a great time to list your home because there is less competition!
MARKET ACTION INDEX: The VAN NUYS, 91406 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 18.81, slightly up from last week. Even though inventory has been declining, there are still several months of inventory available at the current sales rate, therefore buyers should find ample choice.
DAYS ON MARKET: The properties have been on the market for an average of 155 days. Half of the listings have come newly on the market in the past 105 or so days.
DAYS ON MARKET PER QUARTILE: It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. However, in Lake Balboa, the higher priced homes are selling faster than the lower priced homes. In my opinion, this is a clear indicator that buyers in this area prefer move-in ready homes. Investors who are looking for homes to renovate and lease or sell, call me for a list!
**All stats sourced from Dilbeck Real Estate Real Living.
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