MLS


Broker Syndication Authorization

Data Integrity Standards

DataShare Area Coverage Map

Free IDX Link

ListHub

Matrix Information

MLS Fillable Disclosure Addendums

MLS Forms

MLS Rules

MLS Rules Changes

MLS Rules: Citation Policy

Neighborhoods/Areas/Tract Codes

Santa Clarita Area Letter

Santa Clarita Caravan Schedule

Sign Ordinance

Statistics



Advertisement
 

Advertise With Us!
Home > MLS > Statistics > Press Release

June 2010 (SCV)

Santa Clarita Valley Home Sales Up 110% from the Bottom of the Market

Traditional sales are starting to pick up as home buyers in the Santa Clarita Valley accept the current market realities and move to capture favorable prices and low interest rates, the Southland Regional Association of Realtors reported on Thursday, July 22.

While some regions experienced a slowdown in sales, June activity in the Santa Clarita Valley posted increases in resales of existing single-family homes and condominiums.

A total of 208 homes changed owners, up 3.0 percent from a year ago. It was the second highest total since July of 2009, behind only the 215 sales posted this May. The 208 home sales in June were up 110 percent from the 99 sales posted in January 2008, the lowest monthly total of this economic downturn.

A total of 91 condominiums also changed owners last month, up 2.2 percent from a year ago. Condo sales have been inching toward the 100-sale benchmark since the low point of 31 closed escrows was reported in January 2008. June condo activity was nearly 200 percent above that low point.

"While they have no sense of urgency, there are a large number of buyers who want to take advantage of today's low home prices and even lower interest rates," said Andrew Walter, president of the Association's Santa Clarita Valley Division. "The numbers of buyers we're seeing are reminiscent of what we saw in the late 90's.

"Their general feeling about the market is that it is gradually improving," Walter said. "We are seeing more and more regular sales as prospective buyers and current owners see this as the perfect time to jump in or to move up."

The median price of homes sold last month was $400,000, down 2.4 percent from a year ago. While 37.8 percent below the record high, the June single-family median was up 4 percent from December 2008 when the median plunged to $385,000.

The condo median price of $230,000 was down 1.1 percent from a year ago and off 4.2 percent from this May. It was 42.1 percent below the record high, but the June condo median has increased15.3 percent from the record-low median price of $199,500 reported in March 2009.

"Keeping perspective is difficult when we still have owners losing their homes and short sales remain a major part of sales," said Jim Link, the Association's chief executive officer. "Yet, since the market hit bottom, we've seen a steady, slow increase in activity. We have a long way to go, but the pulse is getting stronger."

Link and Walter said sales would have been even higher except for an exceptionally tight inventory, which typically yields multiple offers on all properly-priced properties.

The total active inventory increased 14.6 percent during June to total of 1,021 active listings. Even with the increase, the inventory was a 3.4-month supply at the current pace of sales. A balanced market — where neither buyers nor sellers have an advantage — appears when there is a 5- to 6-month supply.

The single-family inventory of 771 listings was a 3.7-month supply while the condo supply is even tighter — a mere 250 condo listings for a 2.7-month supply at the current pace of sales.

Pending escrows — a measure of future resale activity — were off 13.7 percent from a year ago. The Association reported a total of 409 open escrows at the end of June compared to 474 reported a year ago.

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.



   © 2020 Southland Regional Association of REALTORS®      Contact Us    |     Suggestions/Feedback    
Affiliates
Affiliate Benefits
Affiliate Member Lookup
Affiliate With Us
Sponsorship Opportunities
Community
Contribute to HAF
Going Green
Governmental Affairs
Homebuyer Grants
Events/Education
AREA Marketing Meetings
Calendar
Commercial Data Exchange
Leadership Institute
Online Ed
Sponsorship Opportunities
Webinars and Videos
Links
California Association of REALTORS®
California Bureau of Real Estate
Los Angeles County Business Federation
Los Angeles County Housing Resource Center
Los Angeles Housing Department
Los Angeles Neighborhood Councils
National Association of REALTORS®
Santa Clarita Valley Chamber of Commerce
The City of Los Angeles
The City of Santa Clarita
The Valley Economic Alliance
United Chambers of the San Fernando Valley
Membership
Application for Committees
Applications and Forms
Code of Ethics Requirement
Farming & Resource Materials
Member Benefits
Membership Resources
Outreach
REALTOR Action Fund
REALTOR Safety
Risk Management
MLS
Broker Syndication Authorization
Data Integrity Standards
DataShare Area Coverage Map
Free IDX Link
ListHub
Matrix Information
MLS Fillable Disclosure Addendums
MLS Forms
MLS Rules
MLS Rules Changes
MLS Rules: Citation Policy
Neighborhoods/Areas/Tract Codes
Santa Clarita Area Letter
Santa Clarita Caravan Schedule
Sign Ordinance
Statistics
Services
Advertise With Us
Auditorium Rental
Consumer Complaint Process
Print Shop
Professional Standards
R.E. Store
Tech Support Helpline
Tech Support Videos
Veterans
Privacy Policy  |  Accessibility