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A Quick Update on the Porter Ranch Real Estate Market

A Quick Update on the Porter Ranch Real Estate Market
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I’m back today with the latest news and numbers for the Porter Ranch real estate market. In December 2019, we started to see a surge in the market as we saw prices continue to rise. The numbers don’t lie. 

If you look at the numbers from the end of 2019 in the San Fernando Valley, there were only 770 active listings for sale. In the 91326 ZIP code, there were only 34 active listings out of over 12,000 single-family units.

At the end of January 2020, we have a 1.33 month’s supply of inventory, which is extremely low in any market. When you look at it further, you can also see the median price in December 2019 was 8% higher than the median price in December 2018. A lot of this has to do with the low inventory and the low interest rates we’ve had lately.

“We really started to see a surge in December.”

We’re also seeing a continued migration of people from more affluent places like Burbank, Glendale, and Pasadena.

Just to give you an idea of what the market looks like right now, we had a listing that came on the market right after the new year. We had 100 brochures for two open houses and went through 98 of them. We had 105 people come through the home during the holidays in just two days. If you’re looking to sell, there are a lot of buyers right now and you can take advantage of the decreased competition and low rates before we get into the spring market.

If you have any additional questions about the market or real estate in general, feel free to reach out to us via phone or email today. We look forward to hearing from you.

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