SAN FERNANDO VALLEY HOUSING REPORT FOR MARCH 2009
San Fernando Valley Economic Research Center
CALIFORNIA STATE UNIVERSITY, NORTHRIDGE
Dr. William W. Roberts, Director 818-677-7021
San Fernando Valley year-over-year home sales continue a seven month sequence of substantial increases over prior year sales. Sales in March 2009 were up 60.4% over March 2008. New and existing home sales were up 29.8% in March as compared with February 2009. This seven month sequence of increased sales over prior year is heartening, sales have risen to about half the volume seen 2005-2006. Sales remain mostly in the central and northern valley.
March 2009 February 2009 March 2008
SFV Home Sales 1,229 947 766
12 month change +60.4%
The Valley’s median price of a single-family, detached home appears to have stabilized. March’s $347,500 median price is only slightly below February’s median price of $350,000 and is 30.5% below that of March 2008. Currently the housing market is dominated by lower priced and foreclosed housing. We are still seeing little price movement or sales volume in the over $500,000 priced housing market.
March 2009 February 2009 March 2008
SFV Median Price $347,500 $350,000 $500,000
12 month change -30.5%
Notices of Default (NODs) in March 2009 continue to follow the surge started in December 2008. March 2009 NODs are up 63.4% over March 2008 and 22.9% over February 2009. NODs are highest in the central portion of the Valley. The high and rising level of NODs continues to reflect the uncertainty in the housing market.
March 2009 February 2009 March 2008
SFV NODs 2,538 2,065 1,553
12 month change +63.4%
March foreclosures, at 378 are DOWN 23.8% from last March’s 511 and DOWN 34.6% over the prior month. Foreclosures remain down from the 850 per month foreclosure average we observed in June through September and, aside from what seems to be a seasonal bump, have been falling from the high of 922 seen August 2008. While foreclosures are down, we do not yet see them as out. Financial institutions may simply be holding off on foreclosures in anticipation of some clear direction out of Washington or the decline might be real. The rise in NODs is a concern as they are the first step in the foreclosure process. Foreclosures are down countywide.
March 2009 February 2009 March 2008
SFV Foreclosures 378 578 511
12 month change -26.0%
LA County Foreclosures 1,726 2,653 2,266
12 month change -23.8%