Bell Canyon January Real Estate Update

Bell Canyon January Real Estate Update

 

Inventory Level Today:

6 Active Listings

2 Listings in Escrow

 

January New Listings

5 New Listings

 

January Listings Put in Escrow

2 Pending

 

January Closed Sales

3 Sales

 

Here’s a link to the current inventory:

 

Bell Canyon Current Inventory

 

BELL CANYON QUARTERLY SALES ACTIVITY

 

2022 TOTALS

1st Quarter (QTD) 2nd Quarter 3rd Quarter 4th Quarter
# of Sales  3
Highest Sale Price $2,000,000
Lowest Sale Price  $1,425,000

 

2021 TOTALS

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 
# of Sales  14 21 13         18 
Highest Sale Price $3,450,000 $4,900,000 $2,880,000 $3,650,000
Lowest Sale Price  $1,140,000 $1,465,000 $1,189,000 $1,200,000

 

2020 TOTALS

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 
# of Sales  6 5 13 18
Highest Sale Price $3,850,000 $2,250,000 $2,525,000 $2,875,000
Lowest Sale Price  $930,000 $1,120,000 $1,100,000 $990,000

 

2019 TOTALS

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 
# of Sales  5 5 5 7
Highest Sale Price $2,300,000 $2,350,000 $2,255,000 $4,150,000
Lowest Sale Price  $860,000 $950,000 $950,000 $1,000,000

 

Southland Association of Realtors January 2022 

SFV Real Estate Highlights

 

2021 Sales Rise 18% Even With Record Prices and Near Zero Inventory

 

Sales of existing single -family homes and condominiums took off during 2021 even as resale prices hit record highs and inventory plummeted to unprecedented lows, the Southland Regional Association of REALTORS® reported today. At the end of December, there were a record 381 active home and condo listings for the entire San Fernando Valley. That number is shocking considering that in 2007 the average monthly listing tally was 6,633 and the record high set in July 1992 totaled 14,976 listings, according to the Association’s historical statistics. “By any measure, 2021 was an extraordinary year,” said Jeff Phillips, the 2022 president of the Southland Regional Association of REALTORS®. “Following the economic shutdown of 2020 and working with restrictions in the middle of an ongoing pandemic,” he said, “REALTORS® and their clients managed to post the first positive year for home and condo sales after three consecutive annual declines.” Local REALTORS® assisted buyers and sellers in 5,800 home and 2,126 condominium closed escrows during 2021 — an increase of 17.9 percent and 18.2 percent, respectively. Those transactions generated more than $8.0 billion for the local economy, not including the added jolt from landscaping, remodeling, and appliance and furniture purchases that typically accompany changes in ownership.

 

“Pent-up demand for housing combined with record -low interest rates on home loans brought buyers to the market in numbers,” said Tim Johnson, the Association’s chief executive officer. “Multiple offers were common as buyers scrambled to get into a home, pushing prices up along the way.” Association statistics put the annual home price at a record high of $918,983, an increase of 16.8 percent over 2020. The annual local home price has risen every year since 2012, an unprecedented string of yearly hikes that started with the price at a low of $363,117. San Fernando Valley home prices peaked during the boom before the Great Recession at $611,933 in 2007, then fell 28.6 percent in 2008 with three subsequent annual declines before taking off in 2011. “Few people expected Valley home prices to ever come near the $1 million mark,” Phillips said, “yet that appeared likely in mid -2021 as inventory came not even close to meeting demand for housing while buyers kept bidding prices higher.” Similarly, condominium resale prices went through the same boom -bust -boom cycle as homes. Peaking at $394,917 in 2006, the condominium annual price dropped by double digits in 2008 and 2009 as it headed to its low point of $217,367 in 2011, only to rise again the following year and in each of the subsequent years. Compared to 2020, the condominium annual price jumped 13.8 percent last year to a record $535,167. The 381 active listings reported at the end of December were down 45.6 percent from a year ago.

 

At the then current pace of sales, that represented a mere 0.6-month supply, which itself was a record low and only the second time it has ever been less than a 1-month supply. “The expectation is that 2022 will be a solid year for local home sales,” Johnson said. “But now there are more obstacles — rising though still favorable rates, a resurgence of Covid, an inventory that is exceptionally tight and, of course, higher consumer prices on everything from gasoline to food.” Pending escrows, a gauge of future real estate activity, at the end of December totaled 449, which was down 21.2 percent from a year ago. 

 

The Southland Regional Association of REALTORS® is a local trade association with 11,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.

 

If you are a homeowner looking to sell and purchase, sellers are now more willing to take contracts from buyers contingent on selling. If you are considering selling at this time, We would highly recommend sitting down with your realtor (hopefully us) and discussing your specific unit and how it compares to the current inventory. We’d love to interview with you if you do not currently have a realtor.

 

Values are still at or near peak values, but the sales climate is changing.

 

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. 

 

See what people are saying about Kevin!

 

The dictionary does not have enough words to describe the extraordinary service, attention and knowledge of my Agent, Kevin Godley and his great team, Team Godley. Professionalism is Kevin Godley personified. I can only say that is you are planning to buy or sell, especially in Bell Canyon, you need to contact Kevin Godley. Thank you Kevin. I am forever grateful to you.

 

-Maureen S. Sold Hackamore Lane Bell Canyon Home with Kevin

 

Kevin Godley

Realtor 

Pinnacle Estate Properties

818-402-9763

kevin.godley@gmail.com

Lic#01216088

 

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.