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Valley Home Sales Reach Record Low as Prices Fall

The number of homes sold last month in the San Fernando Valley reached a record low for February, even as inventory expanded and prices softened, according to a report from the Southland Regional Association of Realtors.

During February, 266 single-family homes and 108 condominiums changed hands in the Valley market. Those figures represent a drop of 13.9 percent and 13.6 percent, respectively, from February 2018.

Also, there were 1,186 properties on the association’s MLS service, a number that was up 23.8 percent compared to a year ago.

“Today’s buyers have less competition to deal with and a wider selection of homes to choose from,” Dan Tresierras, the association’s president, said in a statement. “Plus, with fewer multiple offers, buyers are finding more sellers willing to negotiate the price.”

The median price for a Valley home in February was $657,000, down 6.1 percent from a year ago. The average condo price was $420,000.

In the Santa Clarita Valley, 116 single-family homes and 53 condominiums sold last month, representing drops of 8.7 percent and 10.2 percent, respectively, from February a year ago.

The median price of single-family a home in Santa Clarita Valley came in at $590,000, a decline of 1.7 percent compared to February 2018. The condominium median price was $370,000.