~ Bell Canyon Market Update: November 2020 ~

~ Bell Canyon Market Update: November 2020 ~

Bell Canyon November Real Estate Update

 

Inventory Level Today:

23 Active Listings

7 Listings in Escrow

 

November 2020 New Listings

5 New Listings

 

November 2020 Listings Put in Escrow

6 Pending

 

November 2020 Closed Sales

6 Sales 

 

Here’s a link to the current inventory:

https://matrix.crmls.org/Matrix/Public/Portal.aspx?ID=69990564732

 

BELL CANYON QUARTERLY SALES ACTIVITY

2020 TOTALS

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 
# of Sales  6 5 13 9
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

 

2018 TOTALS

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
# of Sales  11 14 12 6
Highest Sale Price $2,400,000 $1,765,000 $4,950,000 $3,350,000
Lowest Sale Price  $835,000 $985,000 $995,000 $1,210,000

 

October San Fernando Valley Home Sale Overview

From Southland Regional Association of Realtors:

 

  • Home sales in the San Fernando Valley during October rose 18.8 percent over a year ago, erasing the steep downturn earlier this year caused by the Coronavirus pandemic, and hitting 549 closed escrows — the highest monthly total since June 2018, the Southland Regional Association of REALTORS® reported Monday. 

 

  • The Association also reported 107 condominium sales, which were up 10.2 percent over October 2019. Both totals were light years up from their low points when the economic lock down prompted by the pandemic saw home and condo sales plunge to low levels in May. 

 

  • “Three points seem noteworthy,” said Nancy Troxell Carnahan, president of the Southland Regional Association of Realtors. “First, Realtors truly stepped up at a moment of crisis, they, along with owners and buyers, adapted to emergency safety concerns and found ways to safely serve all parties. Second, historically low interest rates on home loans could not have come at a better time. And, third, crazy as it may seem, the pandemic changed consumer wants and needs and Realtors responded to meet the new demand.”

 

  • Buyers realized they could work anywhere, which triggered demand for homes in areas that once seemed too removed from their workplace. And, families with home-schooled children and parents working at home realized a need for more space, fueling a desire for larger homes. 

 

  • But increased demand also boosted pressure on an inventory that had been too tight for many years. October ended with 1,006 active listings throughout the San Fernando Valley. That was the first time this year the inventory passed the 1,000- listing benchmark, though it was down 8.5 percent from a year ago and represented a mere 1.4-month supply at the current pace of demand. A 5- to 6- month supply is needed in a region as vast as the valley. 

 

  • High demand also put upward pressure on prices: The median price of home sold last month was $841,000, up 11.4 percent from a year ago. The condominium median price of $485,000 was 11.5 percent ahead of 2019. 

 

  • “We’ve witnessed a remarkable turnaround,” said Tim Johnson, the Association’s CEO. “It looks like the market will stay strong heading into winter, which is unusual, though the Coronavirus may well have the last word.” 

 

  • Pending escrows — a measure of future activity — rose 13.7% to 747 transactions compared to October 2019.

 

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. The information below compares the Bell Canyon 2020 Real Estate Activity.

 

See what people are saying about Kevin Godley!

 

“I could not be happier with the process from start to finish with Kevin. He was very aggressive in marketing the home and has a broad list of contacts that helped get many showings immediately and resulted in multiple offers. Kevin also did a great job through escrow and close by making the process as easy and painless as possible. I strongly recommend Kevin!”

 

6 Silver Spur Ln, Bell Canyon, CA 91307

 

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.