San Fernando Valley home prices continued their upward trajectory in February, with the median price gaining more than 12 percent to $475,000, according to a report by the Southland Regional Association of Realtors.
The year-over-year increase came as the number of properties on the market climbed 37 percent to 1,419. However, that only amounts to just over a three-month supply, which is considered low.
The median price in February was actually a 2 percent dip from January, prompting the association to conclude that home prices are stabilizing.
“Realtors believe the typically busy spring home-buying season will be active as owners adjust their price expectations to the new market realities and buyers accept that there are few homes offering deeply discounted prices,” said Roger Hance, president of the association.
In the Santa Clarita Valley, median home prices jumped 16 percent from last year to $439,500. That price represented a rise of about 1.5 percent from January.
Realtors in the northern L.A. County area say inventory rose 71 percent to 542 active listings, still just a three month supply but an improvement.
“A rising inventory brings us closer to a normal market,” said Nancy Starczyk, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “Buyers ability to accept the new realities and sellers willingness to price appropriately will decide how much the market picks up this spring.”