Burbank and San Fernando Valley Housing Update For April 2008

Here is the report for April and as you can see sales can vary greatly by area. One thing is clear, however, money is still tight and sales are down. Latest forecasts have the turnaround starting later this year and into 2009. The recovery does hinge on access to loans and in many cases buyers are not qualifying under the current banking standards. A record 62% of banks reported tighter lending standards for prime mortgages and 72% have tighted subprime mortgage requirements(no surprise here).

Fixed mortgage rates are expected to rise to 6.2% later this year and 6.3% for 2009.

To keep things in perspective…..home prices in Los Angeles/Long Beach/Orange County areas increased 6.2% over the last 5 years.  This statistic oversimplifies some aspects of this market, but it is clear that some areas are still doing well relative to prices just 5 years ago.

Is it time to buy?  Maybe …..market upturns can be hard to predict and rising prices can catch most buyers off guard.   Do your homework and start your shopping today so you know if you are getting a well priced home.  Overall trends can underscore the bargains that are out there today.

City #Sold 2008 / 2007 %Chg
Burbank                             56         $521,500/ $634,000         -17.74%

Glendale                            56         $552,500/ $605,000         - 8.68%

Canoga Park                     30        $447,500/ $550,000          -18.64%

Montrose                              4        $417,750/ $575,000           -27.35%

North Hollywood             58        $385,000/$565,750           -31.95%

Sherman Oaks                 41        $760,000/ $761,759            - .23%

Studio City                        31        $800,000/ $899,000          -11.01%

Valley Village                  11        $583,500/ $727,000            -19.74%

Tujunga                             14        $498,000/ $564,500           -11.78%

Agoura Hills                     21       $450,000/ $650,000          -30.77%

This entry was posted on 23. May 2008 at 08:11 and is filed under Housing Information/Stats, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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