Your Guide to San Fernando Real Estate

I just finished crunching some numbers and thought it was interesting what I found.

During the month of January, there were 52 single family homes that closed escrow in Sylmar. On average these are 1,513 sq. ft. homes that were listed for $299,000 and sold for $303,000. The homes were on the market for about 44 days before going into escrow. Of the 52 homes, 22 were standard sales, 11 were short sales, and 18 were REOs. In terms of buyer financing, 20 buyers used conventional (20% down) financing while 17 obtained FHA loans. There were 7 cash purchases and 4 Veteran's loans.

It is very encouraging to see that 42% of the sales were standard sales and that prices are selling close to their list prices.

Condos and townhouses are still a different story.  There were 20 condos or townhomes that closed escrow during the month of January. On average these were 1, 320 sq. ft. homes that were listed for $197,500 and sold for $189,500. The homes were on the market for over 135 days before going into escrow. Of the 20 condos and townhomes that sold only 4 were standard sales -- 5 were short sales and 11 were Bank owned. In terms of buyer financing, 4 buyers paid cash, 9 used conventional financing, and 6 were able to obtain FHA financing.

There still appears to be some work that needs to be done regarding the condos and townhomes in Sylmar and hopefully we will see the prices stabilize a bit more.

If you are considering buying, selling, or leasing your home, please contact me. I will work hard to make sure that you are satisfied! I can be reached at (818)599-1589.

If you are interested in having this data for your specific area, please let me know -- I'd be happy to put it together.