Here’s the latest update from our San Fernando Valley real estate market.
What’s happening in our real estate market here in March? Back at the beginning of 2021, we had the fewest homes for sale in history. That trend of extremely low inventory has continued in today’s market. The number to pay attention to is pending sales because ‘solds’ are houses that sold 30 to 45 days ago. Pending deals are more recent and have not yet been closed.
In the San Fernando Valley, we have fewer than 800 properties for sale altogether, which is less than a one-month supply. We need six months of inventory before neither sellers nor buyers have an advantage in the marketplace. Granada Hills (91344) currently only has 24 homes for sale and 55 pending out of almost 14,000 single-family units. Nearby Porter Ranch (91326) only has 22 houses for sale and 81 pending. That demonstrates that demand is still very high.
“This is one of the best markets in U.S. history in which to sell a home.”
The property I’m standing in front of in the video above had over 60 showings in just two days and it sold for nearly $100,000 over list price. Clearly, the market is very strong right now. If you’re considering selling, this is one of the best markets in U.S. history in which to sell a home. If you’re a buyer, even though rates have hiked a bit above 3%, they’re still historically low, and this is the time to get into a house before rates increase even more.
No one should miss out on this great market. So if you have any other questions about our market or other real estate matters, give me a call or send an email. I would love to help you.
