San Fernando Valley Home Sales Increase 13% in 2008
February 22, 2009
Sales of existing single-family homes in the San Fernando Valley increased 13.1 percent during 2008, the first year to post an increase after four consecutive years of declines, the Southland Regional Association of Realtors® reported .
“We’re at or near the bottom of this market’s down cycle,” said Ana Maria Colon, the 2009 president of the Southland Regional Association of Realtors®. “In my opinion, the market could turn at any moment. Already, many Realtors® have a buyer for properties in the lower price ranges because single-family homes are within reach for the first time in many, many years.”
A total of 7,094 homes changed owners last year compared to 6,271 in 2007 which was the lowest total on record since the association started keeping single-family statistics in 1985.
Realtors® negotiated property sales last year that yielded more than $4.4 billion for the local economy. That does not include the millions of dollars more that each sale generates in related products and services ranging from appliances and furniture to remodeling supplies to landscaping. Read the rest of this entry »
