2019 closed out very strong with 46 total condo sales and 2020 looks like it will be another positive year. The California Association or Realtors is predicting a modest price increase of 2-3% for the average property in 2020 and I predict that the market for Granada Hills condos will align with that trend. This is a slower rate of appreciation than we have had the past few years. Prices are reaching a point that excludes many potential buyers. There is still plenty of demand, but the financial capability is slipping and demand is falling somewhat. It’s an election year, and the run-up and outcome of the election process could affect the market as well. I will keep you posted with regular market updates, but contact me with any questions.
2018 was another great year for Granada Hills condos. There were far fewer sales in 2018 than in 2017, but the median price is up over 10%. Perhaps most impressive is the fact that almost 3/4 of sales were over $400k.
The market is starting to cool off as interest rates have moved up pretty considerably. 2019 is predicted to have modest price gains if any. But entry-level properties are still the hottest sector of the market for now.
Happy Holidays and a Fantastic New Year to everyone. Watch for more updates next year and please contact me if you would like to know the current value of your property. Thank you.