Depending on what news source you rely on, you’ve no doubt heard that the housing prices are about to bottom out, have bottomed out, are about to rise, have risen, or will never rise again. And the same thing goes for the number of sales.
Actually, all are true. It just depends on what market we are talking about. Remember, the housing market is a very local market. Like I’ve said before, and like I will say again, what is happening in Chatsworth is different than what is happening in Hollywood. And what is happening in the state of California is different than what is happening in the state of Florida.
My real estate “farm” is here in Chatsworth, so let’s take a look at what is, and isn’t, happening in Chatsworth.
Last year at this time 114 single family homes had sold in Chatsworth, with a media price of $451,000. This year to date 132 single family homes have sold in Chatsworth, with a median price of $431,000. So this year we have seen a 14% increase in the volume of homes sold while experiencing a 4% decline in the median price of those sales.
What does it mean? You tell us.
What I do know is that there are far fewer homes than there are buyers looking for homes. For example; my partner and I recently listed a beautiful home on a Tuesday. We had a broker’s open house on Friday. We had a public open house on Saturday. By the end of that Saturday we had three offers. By the end of the weekend we had six. We were in escrow that Thursday with an accepted offer $11,000 over the asking price. All cash.
Ask any real estate agent who works the Chatsworth area and you’re likely to hear similar tales. Or any agent who works Northridge. Or Granada Hills. Or Woodland Hills. Or anywhere in the Valley. Or the state. Or, from what I hear, the country.
The bottom line? It keeps changing. But for now that change seems to be for the better.