When you're buying or selling a home, national news and statistics are really not relevant. Whay should you care what someone payed for a house in Arkansas when the houses here in Los Angeles, and more specifically, in Lake Balboa are going for a completely different price? Even within Los Angeles, we have price differences from one neighborhood to the next. I am starting a weekly series to publish the market conditions for the Lake Balboa neighborhood. I hope to expand my areas eventually, but I'm going to start here first and then grow slowly, possible to include market conditions for Encino, Sherman Oaks, and Tarzana. Let's get started!
This report for the week of November 14th includes the following:
THIS WEEK: The median list price in VAN NUYS, CA 91406 - Lake Balboa this week is $312,000. The 111 properties have been on the market for an average of 143 days. Inventory is tightening and days-on- market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.
SUPPLY AND DEMAND: The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. This is normal for this time of year. Many consumers get distracted by all the holidays and family events and put their home search or home sale on the backburner.
MEDIAN PRICE:
Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
INVENTORY OF PROPERTIES LISTED FOR SALE: Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply. This could also be related to the holiday season and homeowners being reluctant to sell during this time of year. I'll be posting a blog shortly on the top ten reasons to list during the holidays so subscribe!
MARKET ACTION INDEX: The VAN NUYS, 91406 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 18.71. With several months of inventory available at the current sales rate, buyers should find ample choice.
DAYS ON MARKET: The properties have been on the market for an average of 143 days. Half of the listings have come newly on the market in the past 98 or so days.
DAYS ON MARKET PER QUARTILE: It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles. But interestingly enough, the higher priced homes are selling faster than the lower priced homes. This backs up what I've been saying about homeowner's wanting turnkey homes in this area. Investors should be looking here because there are a lot of diamonds in the rough and a high demand for a finished product.
**All stats sourced from Dilbeck Real Estate Real Living.
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