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The San Fernando Valley housing market is following normal seasonal trends as we move into 2011.  San Fernando Valley year-over-year home sales are down again from year ago levels, nine months in a row.  March’s units sold were 1321 units.  This is down 10.0 percent over a year ago.  The increase in sales from February 2011 is a positive sign.  Sales generally start to increase in March and the 27 percent monthly sales increase is consistent with seasonal changes between February and March in past years. The prospects for a good housing market this summer are looking better.  However, we do not expect significant improvement until we see declines in the unemployment rate.

                                                March 2011                       February 2011                       March 2010          
SFV Home Sales                            1321                                   1039                                     1468
12 month Change                          -10.0%

The Valley’s March 2011 median price of a single-family, detached home was $385,000.  This is down 3.8 percent from the median price of $400,000 in March 2010.  Valley median home prices peaked at $660,000 in May 2007.  Since then, the lowest median price level we observed was $347,500 in March 2009.  Median home prices are up slightly from February to March in five of the seven Valley areas that we track. There has been a one month slight drop in the Central and Northeast Valley.  In those two areas foreclosures remain high.  After a slow start to 2011, housing prices are holding and we anticipate some slow, upward movement over the coming months.

                                                March 2011                       February 2011                       March 2010
SFV Median Price                      $385,000                             $380,000                              $400,000
12 month Change                          -3.8%

Notices of Default (NODs) in March 2011, at 1130, are DOWN 12.5 percent from March 2010.    NODs peaked in March 2009 at 2539.  NODs have hovered around 1,000 for the past year.  This persistent level of NODs reflects our ongoing unemployment problem and the slow nature of our economic recovery.   NODs continue to remain highest in Pacoima and Olive View.
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                                                March 2011                       February 2011                       March 2010       
SFV NODs                                      1130                                    930                                      1291     
12 month Change                          -12.5%

March 2011 foreclosures were at 519.  This is UP 2.4 percent from the March 2010 level of 507.  Foreclosures peaked at 919 in June 2009.  After nine months of sequential declines from the prior year’s level, this is the first small increase over the prior year’s level.  We continue to expect foreclosures to trend downward into the middle of 2011.  Foreclosures continue to be highest in Olive View.  Of the increase in foreclosures from February 2011, almost 20 percent was in Olive View.  Also, we are starting to see a slight increase in foreclosures in the higher priced zip codes.  

                                                March 2011                       February 2011                       March 2010
SFV Foreclosures                            519                                    409                                       507
12 month Change                           +2.4%
LA County Foreclosures                   2,608                                  2,009                                    2,476    
12 month change                             +5.3%