Single-Family House Sales Rise to a High for the ‘90s

The San Fernando Valley’s real estate comeback continues with the highest number of single-family house sales during any November of this decade. Sale prices also continue to climb but remain far below the high-water mark of the late 1980s.

November was the seventh consecutive month of rising house sales: 947 single-family homes were sold in the Valley, up 10% from November a year ago. According to figures released Monday by the Southland Regional Assn. of Realtors, last month’s sales volume was up 21% from November 1995.

Meanwhile, the average sales price for a single-family house in the Valley climbed 6% to $229,500 in November, up from $217,500 a year ago.

The median sales price also rose 6% in November to $170,000, meaning half the houses sold for more and half sold for less. In November 1996, the median price was $159,900.

Many real estate sales agents are enjoying their best year of the decade. But despite the improved market, the median sales price for a single-family house is still below 1994 price levels.

By comparison, the median price in November 1989 was 31% higher, at $245,000.

While not exactly a boom, real estate salespeople are happy at the continuing upward trend.

“The market continues to get stronger and we’re seeing the emergence of a more traditional market with activity in all price ranges, not just entry level,” said Mel Wilson, president of the local realty association.

Most of the upswing this year in the local real estate market has come at the entry level price range, as well as in luxury homes.

But in November, sales of medium-priced properties also picked up: Houses priced between $200,000 to $250,000 jumped by 13% compared with last year, and sales in the $250,000 to $350,000 range climbed by 26% in November.

This comeback in the single-family house market came as condominium sales slowed.

In November, 223 condos were sold, down 15% from 262 sales a year earlier, and last month ended a streak of 36 consecutive months of higher condo sales compared with the same period a year earlier.

Last month, the average condo sold for $107,300, up 3% from the $104,300 paid a year earlier.

The median sale price for a condo climbed to $95,000 last month, up 7% from $89,000 a year ago.

Not surprisingly, the number of properties for sale is also falling. By the end of November, 5,307 houses and condos were for sale in the Valley, down 15% from a year ago.