Congratulations San Fernando Valley on the first 8-figure sale in over 2 years! The ultra-luxury homes did great this month, with 3 sales over $5 million and of couse the big one at $12.5 million.
Despite the huge numbers on the high end, the luxury market is not fabulous. Inventory is up over 14% and time on market is up even more. Sellers will just have to be patient and flexible to secure a solid contract.
Luxury Home Median Time on Market: 79 Days
Luxury Home Mean Time on Market: 91 Days
Current Luxury Home Inventory (SFV): 805
Number of Sales in Last 30 Days: 68
Highest Price Sale: $12,500,000
Luxury Home Median Time on Market: 57 Days
Luxury Home Mean Time on Market: 68 Days
Current Luxury Home Inventory (SFV): 698
Number of Sales in Last 30 Days: 87
Highest Price Sale: $3,500,000SAN FERNANDO VALLEY'S LUXURY HOMES
As a certified luxury real estate specialist, I keep a close eye on the luxury market. Nationwide, this means homes above $500,000. Around here you would be lucky to find a townhome for that price. In the San Fernando Valley, the luxury market comprises homes over $1,00,000, those in the top 10% of value. Most luxury homes are found in the neighborhoods in the south of the valley, Calabasas, West Hills, Woodland Hills, Tarzana, Encino, Sherman Oaks, and Studio City. However, with recent price increases and increased new construction, we are seeing more luxury properties in Northridge and surrounding areas.
Luxury homes demand several special marketing considerations. Full-color professional brochures are necessary to portray the correct image of the property. Open houses become important events to attract as many shoppers and brokers as possible. Virtual Tours are necessary for more affluent clientele to develop a sense of proprietorship for their new home. Finally, qualified buyers are essential when dealing in high-end homes. Ensuring that a buyer has the necessary financial support to close escrow is necessary for a smooth transaction, especially when purchase and loan amounts exceed convention.