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Wednesday, Jun 7, 2023

Valley Home Prices Reach Record High

House and condo prices hit record highs in the San Fernando Valley and the cost of Santa Clarita Valley home ownership also rose in 2017, according to annual reports released by Southland Regional Association of Realtors. The median price of single-family homes in the San Fernando Valley reached a record $643,783 — up 7.3 percent from 2016 and surpassing 2007’s record $611,931 — while condominiums also set a record at $410,367; up 10 percent from the previous year. In terms of volume, the total number of homes changing hands rose slightly to 5,922 single-family homes and 2,286 condominiums, with houses up 1 percent and condominiums rising 6.8 percent over 2016, the Jan. 22 report said. By the end of 2017, the number of active listings reported throughout the Valley had fallen to a record low of 819, a mere 1.3-month supply at the current pace of sales, underscoring that residents are holding onto properties. “Today’s resale activity is a shadow of what the local housing market once was,” association President Gary Washburn said in the reports. “Even with record prices, people clamor for housing more than ever, yet there simply are not enough homes listed for sale.” In the Santa Clarita Valley, the annual median price of homes sold last year was $567,925 — up 4.6 percent over 2016 yet still trailing 2006’s record high of $603,492. A total of 2,478 single-family homes and 1,162 condominiums changed hands in Santa Clarita last year. “Part of the hesitation to sell today may be related to the still-uncertain impact on residential real estate of the recently passed tax cuts at the federal level. And, current owners also are wary about finding another home due to the region’s severe housing shortage,” Washburn said in the reports.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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