San Fernando Valley home prices continued their upward trajectory in March, with the median price gaining nearly 20 percent to $515,000, 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 nearly 50 percent to 1,520. However, that only amounts to a little less than a three-month supply, which is considered low. The median price in March also was an 8.4 percent climb from February, prompting the association to conclude that the market may be slowing as prices continue to climb. “It stands to reason that the market would slow down now that the bargains and deeply discounted prices are gone,” said Jim Link, the association’s chief executive officer. “I’m optimistic, but I truly believe we’re in a holding pattern, waiting for buyers to accept that they cannot get bargain-basement prices and for sellers to understand there is a clear limit on their asking prices.” In the Santa Clarita Valley, median home prices jumped 10 percent from last year to $462,000. That price represented a rise of about 5 percent from February. Realtors in the northern L.A. County area say inventory rose 89 percent to 590 active listings, still less than a three month supply but an improvement. “There is a growing optimism among buyers and sellers as they see that economic conditions are improving,” said Nancy Starczyk, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “It’s also great to see more homes listed for sale, offering a few more choices. For a long time, the inventory was absolutely bone dry.”
