Condo Prices Rise 4.1% in Month, 10% Over Year Ago

Sales prices for condominiums rose 4.1% in February from the previous month and 10.0% from February, 1985, the San Fernando Valley Board of Realtors reported Monday.

The average price of condominiums sold in the area extending from North Hollywood to Agoura was $115,600, up from $111,000 in January and $105,100 a year ago. Last month, realtors sold 134 condominiums in the Valley, down from 150 in January but up from 127 a year ago.

Single-family home prices didn’t fare as well, according to the report. At $154,700, the average sales price for houses was down 4% since January. Prices were up 8% from February, 1985, however. Last month 834 houses were sold, down 6.6% from January but up 4.8% from a year ago.

Temmy Walker, president of the realtors’ board, discounted the apparent decline in house prices during February. She said the reported price decline was too small to indicate a trend.

Walker said, however, that the 8% increase in house prices over the last 12 months probably was an accurate reflection of the marketplace. In January, house prices were up 7% from 12 months before.

Realtors in the Valley have been saying for weeks that 1986 appears to be a strong year for residential real estate in the area, primarily because of low interest rates and a strong economy. The realtors also say there is a strong pent-up demand for homes among people who put off buying until they can get an affordable mortgage.

As for condominiums, Walker said higher-priced units have begun to sell, pulling up the average price. She said, however, that condominiums would need a full year of improved sales before the market is healthy again. Condominium prices in January were up 31% from the year before.