A total of 154 single-family homes and 86 condominiums changed owners during November throughout the Santa Clarita Valley, the Southland Regional Association of Realtors reported on Wednesday, Dec. 23.
The home sale total was off 22.2 percent from a year ago while the condominium resale tally increased 38.7 percent, the Association reported. It was the second highest condo total for the month since November 2006.
“Sales typically taper off during the final months of every year,” said Bob Khalsa, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “So it’s noteworthy that condo activity remained high, even as first-time and repeat buyers who are trading up or downsizing confront the reality of a very limited inventory of homes and condos listed for sale.”
The Association reported 547 active listings at the end of November, down 3.2 percent compared to November 2014. At the current pace of sales the inventory represented a 2.3-month supply, well short of the desired 6-month supply, which would be closer to 900 active listings.
Jim Link, the Association’s chief executive officer, believes the recent increases in the federal fund rate will have negligible impact on housing market interest rates or sales.
“Even with affordability a growing issue, the hike announced by the Federal Reserve was small enough to have minimal impact,” Link said, “yet just enough that it might prompt buyers to get busy before rates move even higher.”
The median price of homes sold during November throughout Santa Clarita came in at $520,000, up 7.4 percent over a year ago and 4.0 percent higher than October. It was the best median price for the month of November since 2007, although the median appears to have peaked in May of this year when it hit $530,000, a number that has not been surpassed since October 2007.
The condominium median price of $330,000 was 11.9 percent higher than 12 months ago and up 4.8 percent from November. It matched the $330,000 median reported this July, making it the highest condo monthly median price since October 2010.
Pending escrows, a measure of future sales activity, totaled 248. That was up 7.4 percent compared to November 2014.
Distressed sales had little impact on the local market during November. Of the 240 combined residential closed escrows, 93.3 percent were traditional, standard sales; 5.0 percent were short payoffs; and 1.7 percent were foreclosure-related REOs.
The Southland Regional Association of Realtors® is a local trade association with more than 9,500 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.