Average Price of Houses, Condos Falls in February

The average price of both single-family houses and condominiums fell in February, the San Fernando Valley Board of Realtors reported Monday.

In February, a single-family house sold for an average $219,800, down 1.6% from January’s record $223,400.

Realtors attributed the price drop to a recent surge of homes being put up for sale: 3,501 houses have come onto the market since Jan. 1. There were a total of 4,671 houses for sale in the Valley in February, up 18.2% from January’s inventory of 3,952 houses.

“There had been people holding back to see what happened to prices,” said Temmy Walker, president of James R. Gary Ltd. East in Studio City.

Sellers Waited

“And, then, with the stock market crash in October, people who were going to sell waited until January to see what happened to the economy,” Walker said. “Now, all of a sudden, we’re seeing more property becoming available.”

The average price of a condominium in February was $115,400, down 7.3% from $124,500 in January. By comparison, in February, 1987, the average condominium sold for $112,200.

A total of 1,764 condominiums were listed for sale in February, up 7.1% from January.

Fewer houses were sold in February, even though the average sales price dropped. The 840 houses sold were 1.3%, or 11 houses, shy of January’s results and 7.1%, or 64 houses, below the results posted in February, 1987.

“The stock market crash may still be scaring people,” said Stan Weinsheink, senior vice president of SW Realtors in Canoga Park.

Nevertheless, the overall Valley housing market continues to be a healthy one. During 1987, the average price of a single-family home rose by 20%.

More Condominiums Sold

Last month, condominium sales remained strong. The 241 condominiums sold in February were up 10% from the 219 sold in January and up 15.9% from the 208 sold in February, 1987.

Relatively high house prices are causing many prospective homeowners to consider condominiums, according to realtors. “It’s the second best choice,” Walker said.

Another reason for the relatively strong housing market has been the recent drop in fixed-rate mortgages. A 30-year fixed-rate mortgage now has an interest rate of 9.88%, according to Hussein Zare, loan officer with Southmark Mortgage Corp. of America in Woodland Hills. “That’s a great rate,” Zare said. “People are buying.”

Adjustable rate mortgages--whose rates are adjusted according to the rise and fall of certain economic indexes--have an opening interest rate as low as 6.88%, Zare said.

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

Its statistics do not include most new residences, which generally are sold without a real estate agent, or existing homes that are sold by their owners.

FEBRUARY VALLEY HOUSE SALES NORTH WEST

Avg. Price: $205,800

Sales: 48

NORTH CENTRAL

Avg. Price: $224,200

Sales: 107

NORTH EAST

Avg. Price: $126,700

Sales: 152

SOUTH WEST

Avg. Price: $273,450

Sales: 176

SOUTH CENTRAL

Avg. Price: $254,100

Sales: 132

SOUTH EAST

Avg. Price: $221,000

Sales: 225