Even as the median price of homes sold inched closer to its record high, the 307 single-family homes that changed owners during June throughout the Santa Clarita Valley was the highest sales tally for any month since September 2005, the Southland Regional Association of REALTORS® reported Monday, July 24.
June also marked the first time sales surpassed the benchmark 300-sale mark in any a month. The 307 sales were 15.8 percent ahead of a year ago and up 24.8 percent from this May, which follows typical seasonal patterns.
“Summer months are the busiest for closed escrows and hitting this number is a testament to the healthy economy of our Valley,” said Marty Kovacs, chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “Like other regions of Southern California, local resale prices are inching too high too fast and while we desperately need more homes listed for sale, the local housing market is showing its resiliency with this relatively strong showing.”
For perspective, Kovacs noted, the 307 closed escrows were 24.2 percent below the record high 405 sales set in June 2005.
Local REALTORS® also closed escrows during June on 119 condominium sales, down 6.3 percent from the 127 sales of June 2017, which stands as the highest monthly tally for condo sales since August 2013. The June condo sales tally was 41.7 percent below the record high of 204 closed escrows established in April 2003.
“Santa Clarita stands as one of the few Southern California communities that has ongoing construction of new homes, which can fuel local economies,” said Tim Johnson, chief executive officer of the Southland Regional Association of REALTORS® “That translates into more local resale homes, especially when people have the confidence and ability to pay California’s sky-housing prices, which rank among the highest in the nation.”
The median price of single-family homes that changed owners last month in the Valley during June came in at $586,000. That was up 1.9 percent from a year ago and was the second consecutive month that the home median was higher than at any point since last decade.
The June median was 8.9 percent below the record high of $643,000 set in April 2006.
Similarly, the median price of condominiums sold during June was $370,000, which was identical to the May median price, an increase of 8.8 percent from a year ago, and the highest monthly median since September 2006. For comparison, the June median was 6.8 percent below the record high of $397,000 set in January 2006.
The Association reported 528 active listings at the end of the month, down 11.9 percent from a year ago June. That represents a dismal 1.2-month supply at the current pace of sales and was well below the nine-year annual average monthly listing of a 4.9-month backlog.
Pending escrows, a measure of future activity, were up 8.6 percent from a year ago.
Distress sales have fallen off the radar. Of the 426 home and condo residential transactions reported, 99.1 percent were standard sales involving typical buyers and sellers. That was the highest percentage since the Association started keeping the statistics in 2012.
Interestingly, in June 2012 standard sales represented 32.5 percent of the month total, with the bulk of the activity going to foreclosure-related and short sale transactions. This June there were two foreclosure-related transactions and two short sales, representing less than 1 percent of the current market.
The Southland Regional Association of REALTORS® is a local trade association with more than 9,600 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
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