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

January 2015 (SCV)

Santa Clarita Inventory On the Rise as the Home Median Resale Price Moves Higher

A key statistic showed the inventory of homes listed for sale on the rise during January while the median price of homes sold continued to move higher, the Southland Regional Association of Realtors reported on Friday, Feb. 27.

There were 554 active listings of single-family homes and condominiums, which was up 11.7 percent from a year ago January. However, the inventory at the current pace of sales hit its highest mark since February 2012, posting a 3.4-month supply. A 5-month supply suggests a balanced market, yet the inventory tipping over the 3.0-month mark for only the second time in three years bodes well for the local market, especially with the typically busy spring home buying season fast approaching.

“Now that distressed sales in the form of foreclosures and short sales have vanished,” said Bob Khalsa, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors, “the local market is poised for a busy spring buying season fueled primarily if not exclusively by traditional home buyers and sellers.”

Khalsa said properly priced homes still attract multiple offers even though today’s prices have moved well above bargain-sale figures the appear following the housing crash.

The median price of single-family homes sold during January in Santa Clarita came in at $480,000, up 10.9 percent from a year ago. It was down 3.0 percent from the $495,000 median of December, which flirted with the $500,000 benchmark price, a median price not been seen since 2006.

The condominium median price of $315,000 posted this January was up 26.0 percent over January 2014 and was the highest monthly median since July 2012. It was only the second time the monthly condo median price exceeded $300,000 since its recession-induced low of $170,000.

“Resale price increases likely will flatten out as affordability issues come into play even here in Santa Clarita, a highly desirable community in Southern California,” said Jim Link, SRAR’s chief executive officer. “A rising resale inventory and continued low interest rates should prod renters and prospective buyers to get busy.”

A total of 108 single-family homes closed escrow during January. That was down 21.7 percent from a year ago. Condominium sales total 57 units, off 12.3 percent compared to January 2014.

Khalsa noted that local condominium sales have been hampered because too many local home owner associations have not applied for the approval needed for buyers to obtain FHA financing, which offers lower down payment options and lower interest rates. Failure to obtain FHA financing limits the pool of traditional buyers, making it more likely an investor will purchase units and offer them to renters, which can hinder HOA efforts to put the association on solid financial footing.

Of the combined residential sales total of 165 homes and condominiums, 87.3 percent were standard sales involving traditional buyers, 10.9 percent were short sales, and a mere 1.2 percent were foreclosures, with the latter number being the lowest since the Association started keeping the statistic in 2012.

The Southland Regional Association of Realtors® is a local trade association with more than 9,100 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