San Fernando Valley May Values Up

The 4 cities polled rebounded in values from April to May across all 4 markets as interest rates went down by a about a 1/10th of a point. Part of the increase in values can be attributed to the interest rates coming back down giving buyers a bit more buying power again with ever tight inventory during the prime buying season. 2 out of the 4 markets achieved all time highs, Burbank and North Hollywood, $1.050,000 and $827,500 respectively. We are currently seeing new inventory hittlng the market and inventory has increased about 10-15%, but it is still insufficient to satisfy the voracious demand that keeps gobbling up homes. Days on Market depending on the area is about 7-15 days. The multiple offer environment is bad news for buyers and many are getting priced out and or getting exhausted in submitting offers with no resulting acceptance. If inventory does not increase there will be no relief for buyers in the foreseeable future. Only the most tenatious and deep pocketed buyers will prevail in winning a home.