Cancellation Form - Duplicate Listing
MLS Rules
Data Integrity Standards
SRAR Local Cities Tract Codes
Ventura County Areas and Tract Codes
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SRAR Monthly Sales & Market Statistics and Press Releases for the San Fernando and Santa Clarita Valleys.
Latest Month (July 2010):
While up from the low point of this economic recession, sales of existing single-family homes in the San Fernando Valley fell during July compared to a year ago as federal tax credits ended and the supply of homes listed for sale remained low, the Southland Regional Association of Realtors reported Thursday, Aug. 19.
A total of 589 homes changed owners last month, down 20.9 percent from 2009 and 9.2 percent below the pace set this June. While off 55.4 percent from this cycle’s high, the July total was up 82.4 percent from the record-low 323 sales of January 2008.
“Expiration of the federal tax credits had a huge impact on the sales numbers,” said Patti Petralia, president of the Southland Regional Association of Realtors. “With interest rates historically low and the affordability index at all-time highs, all indicators would point to improved sales activity. Of course, another tax credit would give a big boost to the market.
“The market has improved from its low point,” Petralia said, “but it hasn’t stabilized as much or as fast as we had hoped.”
Realtors also closed escrow during July on 216 condominium sales, an increase of 6.4 percent over a year ago, yet down 17.6 percent from this June. The July condo sales total was up 105.7 percent from its lowest point, which also came in January 2008.
“We’re hearing the same story throughout California,” said Jim Link, the Association’s chief executive officer. Foreclosures are down, short sales still play a major role, investor activity is heavy, traditional buyers are only slowly jumping in and too many lenders have yet to streamline their procedures.
“We would be guardedly optimistic,” Link said, “if it were the norm, not the exception, for lenders to have refined their systems so that they could, in an orderly, methodical way, approve or reject short sales in under 60 days.”
Link said some lenders have made good progress, yet too many borrowers still get lost in a paper-trail maze while too many lenders take too long to issue a final decision.
Petralia said “I do think most lenders are becoming more proactive and cooperating in the short sale process. With the help of a good negotiator, the approval time frames seem to be improving.”
The slow down in sales allowed the inventory to grow slightly during July, although it still remains well below levels needed to satisfy a market where multiple offers are common.
“Anyway you cut it,” Petralia said, “we still have a very low inventory overall.”
There were 2,758 single-family active listings and 984 condo active listings, up 14.0 percent and 14.7 percent, respectively, from a year ago. The total inventory of 3,724 listings represented a 4.6-month supply at the current pace of sales. That’s an improvement from the 3.5-month supply of July 2009, yet still below the desired 5- to 6-month supply that would yield a balanced market.
With fewer sales, prices also softened during July. The median price of homes sold last month was $399,000, off less than 1 percent from a year ago. The condo median was off 3.5 percent. Nonetheless, both were up from this cycle’s low points: the single-family median was up 17.4 percent while the condo median was 15.8 percent above its record low.
Pending escrows — a measure of future activity — suggest the market will remain sluggish in the months ahead. The 1,086 open escrows were off 13.7 percent from a year ago — the opposite of what traditionally happens during what should be the busiest time of year for home sales.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita valleys. SRAR is one of the largest local associations in the nation.
A tight inventory and the end of federal tax credits contributed to a slowdown in home resale activity during July throughout the Santa Clarita Valley, the Southland Regional Association of Realtors reported on Thursday, Aug. 19.
Realtors closed escrow on 176 home sales last month compared to the 235 sales of 2009, a drop of 25.1 percent. The 68 condos that changed owners last month came in 22.7 percent below year ago totals.
“There are plenty of buyers out there who want to take advantage of the low prices and record-low interest rates,” said Andrew Alter, president of the Association’s Santa Clarita Valley Division. “The small inventory is a huge challenge, combined with the outsized expectations of lenders and continual delays getting final approval, especially on short sales.
“Investors and first-time buyers still make up the majority of transactions,” Walter said. “Yet short sales take too long to negotiate, banks are making buyers jump through multiple hoops, and escrows, as a result, take too long to close.”
Throw in the impact of losing federal tax credits and Walter said it’s easy to see why the market is slowing down.
While off 56.5 percent from the record high 405 sales of June 2005, even with the slowdown in activity compared to a year ago, local sales during July are still up 77.8 percent from the low point of 99 sales set in January 2008, the Association reported.
“Keeping perspective is a challenge,” said Jim Link, the Association’s chief executive officer. “We knew the end of the tax credits would hobble sales. Nonetheless, we’ve come a long way since January 2008 and we hope that the current dip in consumer confidence is only momentary because it is a key ingredient in a full-fledge recovery.”
For the second time this year, the median price of single-family homes sold last month came in at $420,000, up 2.5 percent from a year ago and 5.1 percent ahead of the June median. The July median is far below the record-high $643,000 of April 2006, but last month’s figure was up 9.2 percent from the record low of $385,000 set in December 2008.
The condominium median was up less than 1 percent during July to $220,000. It, too, has been trending higher for months and was 7.3 percent above the record low of $205,000 reported in January 2009.
“Some of the slowdown can be blamed on the loss of the tax credits,” Link said, “but there would be more sales if the inventory was larger and if lenders streamlined the approval process.”
The 812 single-family listings and 315 condo listings pushed the active inventory slight higher last month. While still too low to satisfy demand — which generate multiple offers on many properties — the 1,127 listings were up 39.7 percent from a year ago.
At the current pace of sales the inventory represents a 4.6-month supply compared to the 2.5-month inventory of July 2009. A 5- to 6-month supply presents a balanced market.
Pending escrows — a measure of future activity — suggest that the July pace will be around for months to come. The 360 open escrows at the end of the month were off 15.3 percent from a year ago July, a month that typically is one of the busiest months of the year.
The Southland Regional Association of Realtors is a local trade association comprised of more than 10,000 members serving the San Fernando and Santa Clarita valleys. SRAR is one of the largest local associations in the nation.
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| January | February | March | ||
|---|---|---|---|---|
| 1 - No Meeting | 5 - MLS Tour Group 2 | 5 - MLS Tour Group 2 | ||
| 8 - No Meeting | 12 - No Meeting | 12 - No Meeting | ||
| 15 - MLS Tour Group 1 & 2 | 19 - MLS Tour Group 1 | 19 - MLS Tour Group 1 | ||
| 22 - No Meeting | 26 - No Meeting | 26 - No Meeting | ||
| 29 - No Meeting | ||||
| April | May | June | ||
| 2 - No Meeting | 7 - MLS Tour Group 2 | 4 - MLS Tour Group 2 | ||
| 9 - No Meeting | 14 - No Meeting | 11 - No Meeting | ||
| 16 - MLS Tour Group 1 & 2 | 21 - MLS Tour Group 1 | 18 - MLS Tour Group 1 | ||
| 23 - No Meeting | 28 - No Meeting | 25 - No Meeting | ||
| 30 - No Meeting | ||||
| July | August | September | ||
| 2 - No Meeting | 6 - MLS Tour Group 2 | 3 - No Meeting | ||
| 9 - No Meeting | 13 - No Meeting | 10 - No Meeting | ||
| 16 - MLS Tour Group 1 & 2 | 20 - MLS Tour Group 1 | 17 - MLS Tour Group 1 & 2 | ||
| 23 - No Meeting | 27 - No Meeting | 24 - No Meeting | ||
| 30 - No Meeting | ||||
| October | November | December | ||
| 1 - MLS Tour Group 2 | 5 - MLS Tour Group 2 | 3 - MLS Tour Group 2 | ||
| 8 - No Meeting | 12 - No Meeting | 10 - No Meeting | ||
| 15 - MLS Tour Group 1 | 19 - MLS Tour Group 1 | 17 - MLS Tour Group 1 | ||
| 22 - No Meeting | 26 - No Meeting | 24 - No Meeting | ||
| 29 - No Meeting | 31 - No Meeting |