Single-Family Home Resales Bring Average of $182,200

The average resale price of single-family homes in the San Fernando Valley area rose to $182,200 in September, according to the Valley Board of Realtors.

The figure was up only 1.2% from August, but up a substantial 14.7% from a year earlier, when the average price was $158,900.

Although the 14.7% increase is the largest so far this year, the average September prices were still below the high of $182,500 set in July.

Despite the cost, homes in the area continued selling briskly. Realtors in the Valley sold 1,129 homes in September, down 4.3% from August but up 30.2% from a year earlier.

Continuing its recovery from a three-year slump, the condo market also showed strength. Realtors sold 210 Valley condos in September, down 6.7% from August but up a whopping 98.1% from a year earlier, when 106 were sold.

Condo resale prices averaged $113,300 in September, down 1.3% from August but up 5.7% from a year ago, when the average price was $107,200.

Sales Tend to Slow

Board president Temmy Walker has said residential sales slow as the summer ends because many families seek to be in their new homes in time for the school year.

But she said sales of both homes and condos in the Valley remained unseasonably strong in September, as they have all year.

“Single-family homes remain the clear-cut choice of most home buyers, but favorable interest rates, affordable prices, and a willingness by sellers to negotiate have added vigor to the long-dormant condominium market,” she said in a statement.

The board said single-family homes remained in relatively short supply. The number of listings with Valley realtors dropped 9.2%, to 5,714, from a year earlier. That was down 1.3% from August.

Condos, on the other hand, were more plentiful. A total of 2,056 were available through realtors in September, 12.2% more than a year earlier.

If realtors continue to sell about 200 per month, it would take 10 months to exhaust the supply.

Sales figures compiled by the board cover only residences sold through licensed realtors, and thus don’t reflect homes sold without an agent. Nor do the figures include new units.

The realtors’ survey covers the area from North Hollywood to Agoura.