The housing market in the San Fernando Valley, colloquially known as the Valley, remains slow continuing a trend from late last year. Distressed property sales are at a low, dropping 11 percent when comparing January 2014 numbers to those seen in the first month of 2013. Distressed property numbers, including short sales and foreclosures, are now diminishing. This January saw distressed properties account for only 15 percent of total property sales. This is a significant dip from 34 percent of total property sales for January 2013.

These changes indicate a potential return to a pre-recession status quo, influencing price improvements seen with houses and condominiums. The median home price that covers Toluca Lake through Calabasas grew to $485,000 this January from $420,000 in January 2013.

Default notices by lenders saw a rise of 41 percent this past January. Although this is cause for some alarm, default notices were at a high in 2012 and diminished significantly in 2013. This could prove to be a temporary surge. There is also a shortage of inventory that is hindering the number of sales. The current amount of homes and condominiums for sale are not allowing for a stabilized an even market. This can only be achieved a “six-month supply” pace while the market is lagging at just under a three-month supply pace.