Sales of existing single-family homes in the Santa Clarita Valley during June posted the highest total since October 2005, the Southland Regional Association of Realtors reported Thursday, July 28.
A total of 265 homes changed owners, up 4.7 percent over a year ago and 5.2 percent ahead of this May. Not since October 2005 has there been a higher monthly total, although the 265 sales were still 34.6 percent below the record high of 405 sales posted in June 2005.
Similarly, local Realtors helped close escrow on 127 condominium sales last month.
That was up 15.5 percent over a year ago and 25.7 percent higher than the 101 sales of this May. The June condo sales total was the highest since August 2013, though it came in 37.7 percent below the record high of 204 sales set in April 2003.
“Santa Clarita sales are even stronger than expected for this time of year,” said M. Dean Vincent, president of the Association’s Santa Clarita Valley Division.
“Recent drops in interest rates to near-record low levels are bringing buyers out in greater numbers,” he said. “Considering the high desirability of our community, the only limit on sales has been the ongoing lack of inventory.”
There were a mere 599 active listings at the end of June throughout the region. That was down 12.9 percent from a year ago and represented a 1.5-month supply at the current pace of sales.
“With inventory tight and multiple offers common, it’s up to individual buyers and property appraisers to hold the line on price increases,” said Jim Link, the Association’s chief executive officer. “Prices keep inching higher, yet they remain below the heights of the boom of last decade and increasingly are running into affordability issues.”
Nonetheless, the median price of the 265 homes sold last month soared to new heights.
The $575,000 median home price reported in June was up 10.4 percent over a year ago. It was the highest median price since June 2007, though still 10.6 percent below the record high of $643,000 set in April 2006.
Similarly, the condominium median price of $340,000 was up 7.9 percent from a year ago.
That figure was 14.4 percent below the record high $397,000 set in January 2006. The high point since the recovery began came in May with a $349,500 median price.
Of the combined 392 residential transactions closed last month, 96.2 percent were standard sales involving traditional buyers and sellers. There were a mere 12 distressed sales: seven foreclosures for a 1.8 percent market share; and five short sales accounting for 1.3 percent of total activity.
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.
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