House Sales Fall 7% as Resale Price Sets Record : Housing: The average resale price in November was $313,100. But the large inventory of houses means sellers cannot expect a quick sale at top dollar.

Sales of existing single-family houses in the San Fernando Valley fell 7% in November contrasted with the previous month, but the average resale price for those houses climbed to a record high $313,100, the San Fernando Valley Board of Realtors said Monday.

Reflecting a statewide slowdown in sales, the sales of 977 houses in the Valley last month not only were down from the 1,048 sold in October, but they also tumbled 20% from the 1,216 units sold in November, 1988, the board said.

Yet the average price of the houses that did sell in November edged up 3% to the record level, and were up 17% from the $267,300 average price of a year earlier.

The same trends held in the condominium market. November sales of condominiums in the Valley totaled 383, down a sharp 14% from the 444 sold the previous month and a decline of 6% from the 409 sold in November, 1988.

Yet the average resale price of a condominium last month was $154,200, up 8% from $153,000 the previous month and a 15% increase from the $133,800 average price of a year earlier, the board said.

The board’s report also showed that the number of houses and condominiums listed for sale with local real estate agents totaled 10,928 in November, down 3% from a record high 11,237 units the previous month. But the November figure, signaling how the sales slowdown has left many would-be sellers still looking for buyers, remained 56% higher than the 7,017 properties listed for sale a year ago.

Jim Link, the board’s executive vice president, said in a statement that the big inventory of houses means it is a buyer’s market, with sellers no longer able to expect a quick sale at top dollar.

“That means owners will have to price their properties accordingly if they want to make a speedy sale,” he said. “Sellers may be feeling a little pinched, but they have to adjust to the fact that for the first time in over two years, inventory has caught up with the demand.”

The Valley realty board, California’s largest, reports sales of houses and condominiums by its members in the area from North Hollywood to Agoura. Its figures do not include most new residences, which generally are not sold by real estate agents, or sales by homeowners who sell their houses without agents.

NOVEMBER VALLEY HOUSE SALES

Northwest: Avg. Price: $280,900, Sales: 43

North Central: Avg. Price: $300,500, Sales: 165

Northeast: Avg. Price: $180,800, Sales: 164

Southwest: Avg. Price: $393,370, Sales: 215

Southcentral: Avg. Price: $364,500, Sales: 122

Southeast: Avg. Price: $319,300, Sales: 268 / Los Angeles Times