San Fernando Valley Home Sales Report Oct 08

Home Sales in the San Fernando Valley were up 110.5% for the month of October 08 compared to October 07 based on the latest numbers released by SRAR ( Southland Regional Association of REALTORS ) The "Valley" includes communities like Studio City, Sherman Oaks, Toluca lake, Burbank, Encino, North Hollywood and Calabasas

The spike in sales can be partially attributed to a 30% drop in Average Home Price to Approx $410,000 based on 745 Homes sold in the month compared to a peak of almost $640,000 in 2007. But Sellers and buyers are still showing signs of dementia and unrealistic thinking. Home owners still overvalue their properties in todays market and buyers are continuing to test the waters with incredible low ball offers to the dismay of listing agents citywide.

At the Same time Condo Prices in the Valley were down over 40% to approx $225,000 creating amazing opportunities for first time buyers to get a great property in a nice location at an amazing holiday discount.

Inventory in the San Fernando Valley is at approx 6000 Homes which amounts to a 6 month Supply compared to a 23 month supply during the last bursting bubble in the 90s.

Below is a Home price heat map courtesy of Cyberhomes.com that outlines Average prices in the San Fernando Valley

As a local REALTOR, my feeling is that prices will continue their downward momentum on most of the properties in the " Valley " for the next 3 - 6 months. Having said that I must also state that the properties that continue to see these declines are incredibly overpriced as it is. Homes in desirable areas like Studio city, Toluca Lake, Sherman Oaks and the Hollywood hills are still seeing multiple offer situations if they are priced right and marketed aggressively across all mediums.

To get a first hand look at available homes for sale in Studio City, homes for sale in Sherman oaks, homes for sale in North Hollywood, homes for sale in Toluca lake, homes for sale in Encino, homes for sale in Calabasas, homes for sale in Northridge, homes for sale in Burbank or anywhere else in the entire southern california Real estate market. visit my website www.realestate-818.com