Woodland Hills had some good and bad news as it comes to market statistics in June 2012. Volume was down across the board by 10% compared to the previous month. Although prices of single family homes were up, prices of condos were down. Woodland Hills is a desirable submarket, and has been experiencing inventory shortages in the spring. One of the new construction projects is now completely sold and the other major new project is starting to wrap up. The other obvious cause was a lack of REO product from banks.
Look for continued volatility in Woodland Hills until more certain comes out of the distressed market. People know there are still millions of distressed homes, and growing. The banks have to do something with this inventory. As we start to work through the rest of the distressed product markets will become more predictable and stable.
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