Department Name

SAN FERNANDO VALLEY HOUSING REPORT FOR MARCH 2012
San Fernando Valley Economic Research Center
CALIFORNIA STATE UNIVERSITY, NORTHRIDGE
William W. Roberts, Ph. D., Director 818-677-4582

As we start moving towards the summer months, single-family home sales generally start to rise in March.  This March is no exception.  March 2012 sales were at 1350.  This is DOWN 5.0 percent from sales one year ago, but is up 17.2 percent from the sales level of 1152 in February 2012.  Sales changes are not uniform throughout the Valley.  Sales were down 11.4 percent in the Northeast Valley and down 9.6 percent in the Southeast Valley from the March 2011 levels.  Monthly sales are about two-thirds of the monthly levels we observed in the late 1990s.

                                                   March 2012                          February 2012                          March 2011       
SFV Home Sales                               1350                                      1152                                     1421
12 month Change                              -5.0%

The Valley’s March 2012 median price of a single-family, detached home was $378,000.  This is DOWN only 1.0 percent from the median price of $382,000 in March 2011.  The one year price changes are largest in the higher price areas.  Prices are down 16.0 percent in the South Foothills and down 13.7 percent in the Burbank/Glendale areas from prices one year ago. 

                                                   March 2012                          February 2012                          March 2011         
SFV Median Price                          $378,000                                $355,000                               $382,000
12 month Change                            - 1.0%

Notices of Default (NODs) in March 2012, at 973, are DOWN 14.0 percent from the March 2011 level of 1131.  NODs peaked in March 2009 at 2539.  The declining level of NODs is good evidence of a continuing, slow economic recovery. 

                                                   March 2012                          February 2012                          March 2011       
SFV NODs                                         973                                       728                                      1131
12 month Change                            - 14.0%

March 2012 saw 275 foreclosures. This is DOWN 51.7 percent from the March 2011 level of 414.  Foreclosures hit 922 in August 2008 and 919 in June 2009.   Foreclosures continue the gradual decline that started over two years ago.  March 2012 foreclosures are highest in Olive View and Reseda.  While foreclosures are still significant, they are no longer a primary driver in the housing market.

                                                   March 2012                          February 2012                          March 2011
SFV Foreclosures                               275                                       304                                        569
12 month Change                              -51.7%

LA County Foreclosures                    1,443                                       1,571                                    2,365        
12 month change                              -45.6%