Bell Canyon February Real Estate Update
Inventory Level Today:
10 Active Listings
16 Listings in Escrow
February 2021 New Listings
10 New Listings
February 2021 Listings Put in Escrow
February 2021 Closed Sales
Here’s a link to the current inventory:
BELL CANYON QUARTERLY SALES ACTIVITY
January 2021 San Fernando Valley Home Sale Overview
From Southland Regional Association of Realtors:
Low Interest Rates Fuel Buyer Demand and Surge in January Sales
Interest rates hovering near historically low levels fueled unseasonably strong home resale activity during January, pushing sales and prices higher even as homes listed for sale fell to a record low, the Southland Regional Association of REALTORS™ reported today.
- Not once since the Association started keeping the statistic in 1986 has the local inventory of homes and condominiums for sale fallen below the 700 unit benchmark. The 662 active listings reported in January were down 15.9 percent from a year ago and represented a mere 1.2-month supply at the then current pace of sales.
- “To give Valley buyers an ample supply to choose from while also keeping prices in check, the inventory needs to be in the thousands of listings,” said Diane Sydell, the 2021 president of the Southland Regional Association of REALTORS®, noting that the record high listing total was 14,976 in July 1992. “Heavy buyer demand combined with low interest rates got us out of the pandemic rut. Let’s hope listings increase with the approach of Spring.”
- Even with the tight supply, Realtors assisted the close of escrow in 409 single-family homes and 148 condominiums during January, which was respectively a 25.5 percent and 8.0 percent increase from the prior year. The 409 home sales total was the highest in a January since January 2011.
- “The extremely limited supply and heavy demand super-charged competition over most listings,” said Tim Johnson, the Association’s chief executive officer. “Not surprisingly, even with all the safety protocols imposed by the pandemic, buyer competition translated into fast sales — generally less than a month — and rising resale prices.”
- The median price of homes that changed owners last month came in at $835,000, up 12.8 percent over the prior January. The San Fernando Valley median price — meaning half were higher and half the sales were lower priced — broke through the $800,000 benchmark in July as sales took off once REALTORS®and their clients adapted to rules designed to keep clients healthy. The median has stayed there ever since, setting a record high of $852,000 in August.
- The condominium record high of $500,000 came in December. The 148 condos that closed escrow in January had a median price of $485,000, up 15.5 percent from a year ago, yet off 3.0 percent from December’s high.
- Pending escrows—a measure of future sales activity—suggest the local market will stay robust in the months ahead. At the end of January there were 606 open escrows pending, a number that was 11.8 percent higher than a year ago. Motivated buyers realize the low interest rates give them added buying power while the pandemic, according to some studies, has prodded renters to go house hunting for a larger residence or a more remote home now that they are untethered to a workplace or a long commute.
- The Association’s Income-to-Loan Guide calculated the minimum income needed to buy a median-price home of $835,000, assuming a 20 percent downpayment, came in 4.3 percent higher than a year ago at $154,309. That was based on a 2.74 percent rate on a $668,000 loan. The total monthly housing payment came to $3,858, with $2,724 to the loan principal and interest, $870 for the monthly pro-rated property tax, and $264 for the pro-rated home insurance premium. The income needed to qualify for a loan to buy the median price Valley condominium was $89,628.
The Southland Regional Association of REALTORS® is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation
We’d recommend anyone who has their property as a rental contact me to discuss the market conditions before you decide to rent the property out for another year or sell.
I’d love to help you make an informed decision with no pressure or obligation. This is why it is important to consult with someone who is an expert in the complex so you don’t waste time on the market at a price that the market will not respond to. We can also advise on what improvements can net you the best ROI when it comes time to sell.
It may be a good time to consider selling for anyone thinking about taking their equity and purchasing a new home. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute. The information below compares the Bell Canyon 2021 Real Estate Activity.
See what people are saying about Kevin!
This was one of the best transactions we’ve experienced in 40+ years living in California and buying and selling several properties through these years. Kevin provided an exceptional service, making important suggestions in improving the property, finding a buyer even before the multiple listing has been published and going through the whole selling process in a fast and competent manner. We can confidently recommend his service.
-Boris K. Sold Property in February 2021
Pinnacle Estate Properties
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in Bell Canyon as reported through the Southland Regional Association of Realtors multiple listing service.