Many of you know who live in the Los Angeles area, it’s made up of several neighborhoods or un-official cities, such as Studio City, Sherman Oaks, North Hollywood; All of these places are part of the greater city of Los Angeles. One of the un-official cities that I want to spend some time on is Van Nuys. In February 2007, what was known as West Van Nuys (the area west of the 405 freeway), became part of the growing area of Lake Balboa. So I thought I would do a Comparative Market Analysis to see if there is any indicator of property value difference between East Van Nuys and West Van Nuys (now Lake Balboa).
The parameters I used were single-family homes, with a gross living area range of 1300-1600sq.ft, three bedrooms, for the past year.
East Van Nuys (the area east of the 405 freeway) shows to have 29 active listings with an average list price of $533,000. According to my CMA data report, there have been 39 single family homes sold over the past year with an average selling price of $549,000
Then I looked at West Van Nuys combined with Lake Balboa for the past year. There are currently 38 active listings with an average listing price of $485,000. There were 46 sales over the past year showing an average selling price of $536,000.
According to this data, East Van Nuys is selling for more than West Van Nuys/ Lake Balboa. The reason why many West Van Nuys homeowners wanted to re-name their neighborhood (to Lake Balboa) was to increase property values. It will be interesting to see, now that the west section of Van Nuys is a part of Lake Balboa, if property values will start to grow past East Van Nuys.