Average Condo Price in Valley Reaches Record High of $133,200

The average price of a condominium in the San Fernando Valley hit a record high in September while the average price of a single-family house climbed slightly from August levels, the San Fernando Valley Board of Realtors reported Monday.

In September, the average price of a condominium was $133,200, up 4% from August’s average price of $128,100. The previous record for condominium prices was $133,000 in July.

“Condos are a good fit for a whole range of life styles, from the young married couples to the empty nesters,” said Temmy Walker, president of James R. Gary Ltd. East in Studio City. “And they are the only thing still in an affordable price range.”

The average price of a single-family house climbed 3% in September to $264,000 from August’s average price of $257,100. The record average price for houses was $265,300 in July.

No Surprise

Real estate agents were not surprised that house prices failed to break a record in September. “This is the time of year when things start to slow down,” said Fred Sands, president of Fred Sands Realtors.

“People have been rushing into new houses in order to get their children into school at the start of the school year,” Sands said. “Most have already done it.”

Sales of houses and condominiums combined fell 15% to 1,853 from 2,174 in August, a fact agents again attributed to a seasonal slowdown.

“This is the time of year when real estate agents start taking vacations,” Sands said.

While sales were off from August, they were still far higher than results from this time last year. In September, 1987, only 1,334 houses and condos were sold.

Most agents interviewed said they expect prices for houses and condominiums for the remainder of the year to fall slightly.

At the end of September the number of houses and condominiums available for sale was basically unchanged at 7,345 compared to August, and agents do not expect the inventory to change much the rest of the year.

“People don’t usually put their home on the market now unless something unusual is going on in their lives, like a job transfer or a divorce,” Sands said.

The Valley realty board, California’s largest, reports sales by its members in the area from North Hollywood to Agoura.

Its statistics do not include most new residences or homes sold by their owners.