For the fifth out of the last six months, sales of existing single-family homes in the Santa Clarita Valley increased during November compared to the prior year, the Southland Regional Association of Realtors reported on Monday, Dec. 19.
That tracks with a pattern seen in many other communities throughout California, yet the increase in Santa Clarita is more pronounced because of the size of the jump.
A total of 198 homes changed owners last month, up 33.8 percent over 12 months ago and 12.5 percent better than this October. It was the second consecutive month that home sales increased over the prior year and the fifth out of the last six months.
Home sales are up 100.0 percent from the record low for this cycle, which was set in January 2008.
With buyers chasing low prices in single-family homes, condominium activity was off 20.7 percent. A total of 65 condos changed owners during November compared to 82 a year ago. Even so, condo sales are 109.7 percent better than the record low, which came in January 2008.
“Families that want to own a home are pursuing remarkable opportunities,” said Sal Aranda, president of the Association’s Santa Clarita Valley Division. “A limited inventory is another constraint on the market, yet the November statistics show that an increasing number of buyers are getting the message.”
At the end of the month there were a mere 1,039 active listings — 723 single-family homes and only 316 condominiums. The total was down 19.8 percent from year ago and represents a 4.0-month supply at the current pace of sales, which is low given the growing demand.
Jim Link, the Association’s chief executive officer, said affordable prices and Santa Clarita’s relatively strong local economy and its overall desirability as a place to live are helping to stabilize the housing market.
“With a median price of $340,000 I’m not surprised that local sales are on the upswing,” Link said. “Despite the many challenges facing the housing market, the strong pace of activity in Santa Clarita is very encouraging.”
The November single-family home median price was down 12.8 percent and set a new low for this market cycle.
The condominium median price for November of $199,900 was off 4.8 percent from a year ago, but increased 7.0 percent from this October, which was the record low.
Pending sales suggest November’s heavier than usual activity will continue through December, a time of year when sales typically taper off due to the holidays. There were 320 open escrows at the end of November, up 8.8 percent compared to a year ago.
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.