In October 2024, Van Nuys experienced notable real estate activity demonstrating market dynamics. Here's an educational breakdown of the transactions:
Market Overview:
- The median home price in Van Nuys reached $825,666, showing a 1% year-over-year increase.
- The average home value stands at $821,693, representing a 3.8% appreciation over the past year.
Transaction Analysis:
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Entry-Level Purchase:
- Price: $660,000
- Specifications: 4 bedrooms, 2 bathrooms, 1,166 sq ft
- Market Performance: Sold $10,000 above asking price
- Days on Market: 26
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Average Transaction:
- Price: $899,000
- Specifications: 4 bedrooms, 2 bathrooms, 2,615 sq ft
- Market Performance: Sold $55,000 above asking price
- Days on Market: 29
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Premium Transaction:
- Price: $1,465,000
- Specifications: 3 bedrooms, 1 bathroom, 1,481 sq ft
- Notable Feature: Large lot size (54,279 sq ft)
- Days on Market: 90
Sale Classifications:
- Regular Sales: 21 properties
- Trust Sales: 6 properties
- Notice of Default: 1 property
- Price Performance: 18 above asking, 2 at asking, 8 below asking
🗒️ Answer
The Van Nuys real estate market remained robust in October 2024, with 28 transactions demonstrating strong buyer demand.
The median home price reached $825,666, reflecting a modest 1% annual increase.The market shows healthy appreciation with average home values at $821,693, up 3.8% year-over-year.
The majority of sales (64%) closed above the asking price, indicating competitive market conditions. The presence of diverse sale types, including trust sales and a notice of default, suggests varied market opportunities for different buyer segments.
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