It’s a mixed bag for LA real estate news today.

The bad news is that real estate prices in the San Fernando Valley actually fell last year by about 7%. That pain was not equally shared however. It goes back to the old adage, location, location, location. From what I’ve seen over the last year, many of the price swings have been neighborhood specific. Homes in highly popular areas, especially those south of Ventura Blvd, have held their value much better.

According to the Southland Regional Association of Realtors, the median Valley price dropped to just over $363,000. But just  try to find a house in that price range that is south of the Boulevard in Encino or Sherman Oaks. Right now, there is only one single family home that I’m aware of, in that price range and in that area. Your pickings don’t get much better when it comes to condos either.

The good news is that even though sales were down, they were not down as much as the previous year. That’s a good sign that the market may be bottoming out and that we could see a market turn around this year.

Share and Enjoy