Enjoy a complimentary Sunland-Tujunga Real Estate Market Update for April 2017
This Month in Real Estate:
April saw both a higher inventory of homes, as well as, a significant increase in home’s sale price in the Sunland-Tujunga real estate market. This is likely due to a few contributing factors but mostly higher demand and lower inventory in previous months. The market had a total of 35 units sold at a median price of $592,000. That compared to the sales price one year ago showed a significant spike of 17.1% increase in price. This prices also rose 17.3% in median price from the previous month. The average sale price rose sharply to land at exactly 103% of list price. Compared to last month, this shows that home values saw an overall increase.
The average days to sell time on the market increased to an average of 38 days. The most important indicator for determining which type of market we are in currently is the average time it takes for the entire inventory supply of homes to sell. Anything below 4 months indicates a seller’s market, between 4-6 months is a balanced market, and over 6 months is a buyer’s market. Currently, we are still in a strong seller’s market. However, with rates going up we may see a shift to a more stable and balanced real estate market in the coming months.
Other City’s Average Median Home Values:
- In Los Angeles: $690,000
- In Glendale: $773,000
- In Burbank: $692,000
- In Pasadena: $680,000
- In Studio City: $1,175,000
- In Shadow Hills: $825,000
We hope you found this real estate market update for April 2017 helpful. Each month you will be provided with monthly real estate updates on the market. If you would like a more comprehensive free no obligation market evaluation text or call me at (818) 389-4465 today.