West Hills Market Holding its Own

Take a look at the ever-increasing number of listings on the San Fernando Valley market -- currently 6, 376. That's an increase of 161% from June 2005 to June 2006. That growth in inventory is coupled with slowing sales (which are down 25% from a year ago). But, perhaps counter-intuitively, the median home price went up 8% from a year ago. It seems to me that homes sales might go up if the prices came down a bit. While sellers are hoping they can get the same prices they might have gotten last November, buyers seem to be sitting and waiting.

However, the inventory of entry-level homes is still smaller than the demand, and sales remain strong at that level. According to the Southland Regional Board of Realtors, the majority of home sales in June were at the
$500K point and below.

I had two West Hills homes for sale that recently closed escrow. One was 3 bd, 1.75 ba that was listed at $679,000, and a 5 bd, 3 ba home offered at $749,000. West Hills real estate is holding its own.