FOR RELEASE: January 18, 1999

MEDIA CONTACTS:

Jim Link, SRAR Executive Vice President, 818-222-1335

David R. Walker, 818-222-1335

1998 Santa Clarita Valley Home Sales

Post a Whopping 33% Annual Increase

While surrounding regions reported strong increases in sales of existing single-family homes during 1998, the Santa Clarita Valley=s resale market literally shot off the chart last year, the Southland Regional Association of Realtors reported today.

Realtors closed escrow on a total of 3,594 properties last year, up 899 sales from the prior year. That increase represented a stunning 33.4 percent increase in resale activity.

Members of the Santa Clarita Division of the Southland Regional Association of Realtors guided real estate transactions during 1998 that generated $743 million in sales for owners and the local economy.

AI don=t have enough superlatives in my vocabulary to amply describe the pace and exhilaration of the 1998 local resale market,@ said Nancy Starczyk, the 1999 president of the Santa Clarita Division of the Southland Regional Association of Realtors. AWith interest rates still extremely favorable and buyers still popping out of the woodwork, I expect to see an equally torrid pace in 1999 home sales.@

The association=s Multiple Listing Service processed more than 4,734 listings last year B up 13.3 percent over 1997.

ATo give an indication of just how hot the market was in the Santa Clarita Valley all you have to do is look at the nearby San Fernando Valley,@ said Jim Link, executive vice president of the Southland Regional Association of Realtors. AThe San Fernando Valley market was extremely busy during 1998, posting a gain of 11.8 percent. That was considered a very hot market, yet the Santa Clarita Valley turned in a performance that was three times more active.@

Of the 3,594 closed escrows completed last year, 2,671 were single-family homes and 923 were condominiums.

The annual median price of single-family homes that closed escrow last year was $204,575. While precise annual figures are unavailable B the Association started tracking single-family median prices in May of 1997 B the annual median price represents an increase of approximately 13.4 percent over 1997, Association statistics indicate.

AThe Santa Clarita Valley housing market is blessed with just about everything anyone would want from a residential community,@ Starczyk said. AQuality, affordable housing in a very desirable, safe community at prices that are extremely competitive and offer more housing for the dollar. Is it any wonder buyers are flocking to the Santa Clarita Valley?@

December sales followed traditional seasonal patterns with the 191 single-family closed escrows representing a 0.5 percent decline from the previous year. A total of 67 condominiums closed escrow last month, up 4.7 percent from December 1997. The condominium median price was $130,000.

Pending escrows B a measure of future sales activity B increased a modest 0.5 percent in December, but followed seasonal patterns with a 13.4 percent decline from November resale activity.

The Southland Regional Association of Realtors is a local trade association comprised of more than 6,000 members serving the San Fernando and Santa Clarita valleys. It is one of the largest local associations in the nation.

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