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Weekly Market Update 03.02.2022

Kevin Daily

San Fernando Valley Market Update:

  • 12 Average Days on Market

  • 113 Single Family Homes closed escrow last week in the Valley

  • 485 Active Listings as of today

  • 3.55% Average Interest Rate on a 30-Year Fixed Rate Mortgage

  • 104.3% Final Sale Price as a % of List Price

Inventory is still extremely low. To put it in context, last year for the month of February we had a total of 366 new listings come to market, this February came in at just 279. Interest rates on a 30-year fixed rate mortgage have gone from 3.23% in January to 3.93% in February (currently at 3.55%) and this had no impact on the amount of showings and offers I received on listings. The average rate in Jan 2021 was 2.78%. Typically March kicks of the selling season so I expect more homes will hit the market but likely will not be enough to make much impact. Even as interest rates go up, I expect 2022 to be similar to 2021. Even with all of this competition, it is still critical for sellers and listing agents to hire the best photographers, have the home professionally staged, and list at a reasonable price. Doing these things will ensure the highest amount of qualified buyers touring your home and ultimately making offers.

 

Featured Listing: $11,995,000 4509 Noeline Ave, Encino CA 91436


​I love seeing a new construction in Encino that is not a modern farm house. Nothing at all wrong with modern farm homes, I personally love them. But one of the things I love about driving through Encino and the surrounding areas are the different types of homes you can find on the same street. From modern farmhouse, to Mediterranean, to this stunning modern Cape Cod, I love seeing the architectural diversity.


 

Restaurant of the Week: Gus's BBQ (Porter Ranch)




This is one of mine and Jenny's go-to, top 5 restaurants. Before the Porter Ranch location opened, we would drive to Claremont for Gus's great drinks, wonderful bar b que, and previously their Sunday brunch (I hope they bring it back). There are many menu options, so if bar b que isn't your thing they have great chicken sandwiches, salads that are always super fresh, and juicy burgers. The atmosphere is also great which is important to me.






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Kevin Daily

DRE#01815284

Real Brokerage | #1 in the Valley | $2 Billion Sold in 2021

818.388.3445

kevin@kevindailyrealty.com

Rancho Cucamonga CA

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