HOME SALES DIP, PRICES UP MORE AFFORDABLE CONDOS MOVING BRISKLY.

Byline: Gregory J. Wilcox Staff Writer

Sales of previously owned single-family homes fell 15.1 percent in the San Fernando Valley during February as the market exhibited signs of seasonal stress, a trade group said Monday.

Prices, though, remained hot with the median price jumping 9.8 percent on an annual basis to $247,000, the second highest ever, said the Southland Regional Association of Realtors.

The condominium market, a haven for buyers seeking more affordable housing, headed in the opposite direction with sales increasing 6.3 percent to 303 units annually.

The median price, the point at which half the units sold for more and half for less, jumped 10.7 percent to $145,000.

Despite sliding single-family home sales the numbers bring optimism, said Wendy Furth, president of the Van Nuys-based group.

Pending escrows, a measure of future sales, were up nearly 15 percent in February from a year ago and 37 percent ahead of January.

``The high number of properties currently in escrow suggests that we're building toward a strong spring home buying season,'' she said.

February's sales slump for detached-homes is hardly a surprise since it reflects activity from December, which was a slow month, the association said.

Probably a bigger concern is the tight inventory, which exerts upward pressure on prices and can force sales down.

At the end of last month 3,934 properties were listed for sale, 6.7 percent below the February 2000 level.

That's about a four-month supply of housing stock, two months less than is desirable for a market the size of the Valley.

``Inventory will be the wild card for 2001,'' said Jim Link, executive vice president of the trade group. ``We cannot sell what we do not have listed for sale, and if a serious shortage materializes it most certainly could impact sales and prices.''

There is not too much concern from industry insiders or analysts about the 15 percent drop in single-family detached sales, the second biggest slide since a 19.5 percent drop in July 2000.

That's because the first two months of the year typically bring a letdown. For example, the January and February sales totals have been the lowest of the year every year since 1992.

``The January and February figures are hard to interpret. Seasonal factors (like bad weather) come into play and you see a dip in activity,'' said Nima Nattagh, an analyst at FNC, a real estate market research firm.