Santa Clarita Valley 2002 Annual Home Sales Hit Record High

Home owners in the Santa Clarita Valley sold a record 4,951 single-family homes and condominiums during 2002, an increase of 4.1 percent over the prior year, the Southland Regional Association of Realtors reported today.

Transactions negotiated by local Realtors generated more than $1.4 billion for the economy of the Valley. More 6,268 properties were listed for sale on the Multiple Listing Service operated by the Southland Regional Association of Realtors.

"Residential real estate played a major role in keeping the local economy humming during 2002," said Tacie M. Jares, president of the Association’s Santa Clarita Valley Division. "Realtors support a huge part of the economy.

"2003 is likely to be just as busy," Jares said, "especially if interest rates stay low and the surge of new residents to the region continues as expected.

"The influx of residents to the Valley has prompted construction of new junior and senior high schools, attracted new employers and triggered development of more new homes," Jares said. "I fully expect at least the first half of 2003 to just as strong as last year."
Of those 4,951 total sales reported last year, 3,275 were single-family homes. That figure was up 3.7 percent over a year ago – the highest annual total on record.
A record high 1,676 condominiums closed escrow during 2002, up 4.9 percent.
"The Santa Clarita Valley resale market ran into only one limitation last year – not enough homes to sell," said Jim Link, the Association’s executive vice president. "Listings were sold within a matter of days while multiple offers lined up hoping for an opportunity to compete for the best properties. Even rising resale prices failed to dampen demand."
The single-family annual median resale price rose to a record high $312,858, according to association statistics. That was 17.1 percent higher than the 2001 annual median and a stunning 52.8 percent ahead of the $204,742 annual median reported in 1998.
Likewise, the condominium annual median resale price also hit a record high of $185,067, up 21.3 percent over 2001. Just five years ago the condominium annual median price was $124,158 – nearly a 50 percent increase from 1998.
"Interest rates are the wild card," Link said, "but today’s rates – which currently are at the lowest point in more than three decades – allow buyers to stretch their housing dollars. That means buyers often can land the home and property that up to now had been only a dream."

Both Link and Jares warned prospective buyers to come to the market prepared and ready to act quickly.
"You have to write an offer immediately to have any chance of winning a home that you like," Jares said. "I’ve had buyers lose out by waiting even one afternoon. All they wanted to do was talk to their spouse or a relative, yet the opportunity was gone even before the conversation began."
2002 ended pretty much the same way it began – on a strong note. December single-family home sales of 263 units were up 21.3 percent and the 152 condominium sales were 38.2 percent ahead of December 2001.
At a time of year when sales typically should slow down for the holidays or feel in impact of inclement weather, both categories of housing reported record high totals for the month. But that was true in virtually every category – 2002 was a record-setting year for residential real estate in the Santa Clarita Valley.
The Southland Regional Association of Realtors is a local trade association comprised of more than 7,600 members serving the San Fernando and Santa Clarita valleys. It is one of the largest local associations in the nation. Go to www.srar.com, DailyNews.com or LATimes.com to search for every home listed for sale in the San Fernando and Santa Clarita valleys.