Valley Property Values Looking Very Good

Let’s get right to it…

Here’s what’s going on now with property values in areas of the Valley, and what has occurred since January of last year.

Supply and Demand: Supply is DOWN 53%. This is a trend that has been gaining momentum since April, 2012. The number of properties available represent an inventory of 1.5 months. That basically means if no additional homes came up for sale in the local market, it would take about 45 days to sell all of the current inventory of properties. That is a very, very short time period. In a “normal” real estate market, that inventory supply would be around 5-6 months.

Sale Price: The sale price per square foot average has increased 23% over the past twelve months, with about a 10% increase in number of properties sold. The pace has been steady since January, 2012. That kind of incremental growth is a healthy sign. For Buyers, this means they really need to decide whether they are going to act, or stand on the sidelines while the trend continues upward. This price increase trend, taken along with the low inventory and interest rates that remain at all time lows; could translate into a sustained growth pattern that is healthy for the market.

Now if you’re a potential Seller, since you’re likely going to need another home if you’re considering selling the one you own now; you too will become a buyer, and will have the same considerations. Last year, about 33% of all homes sold nationwide sold at above the asking price. Of those that had multiple offers, the average number of offers was over four. Multiple offers are becoming very common nowadays in our market. As a Seller that’s great; and as a Buyer, it demands that you be as prepared as possible.

In just the past few months, our team has sold properties in Encino, Sherman Oaks, Studio City, and Tarzana in a matter of days! A couple of them sold on the first open house we had, and, at well over the asking price. Well price, quality properties are in high demand right now in our neighborhoods.

Locally last year, Keller Williams sold more homes than any other real estate office in the area; and my office in Studio City had record sales. Our team has 30+ years of experience in all areas of real estate, including: residential, Luxury Residential, Commercial, and Investment properties.

And that’s the latest. If you have any questions, or just want to brainstorm some ideas, I’m around and ready when you are. Just let me know what I can do for you. Thank you for your time.


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Categories: LATEST NEWS, Q & A

Author:Marino Real Estate

Specializing in residential and commercial real estate sales for the better part of a decade, my approach to real estate involves establishing a trust with my clients, that contributes to the ultimate success of our transaction. Whether it is a personal residence, or an investment property, I am committed to negotiating the best deal for my clients, and have enjoyed a history of meeting the important and unique needs of the many clients which have entrusted me with thier real estate goals.

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