Condominiums that changed owners during April yielded a median price of $410,000, which set a record high and for the first time broke the $400,000 benchmark, the Southland Regional Association of Realtors reported on Monday, May 21.
The median was up 12.3 percent from a year ago and 6.5 percent higher than the March median price. The median price has posted increases nearly every month since hitting bottom at $170,000 in July 2012. The prior record high $397,000 posted in January 2006.
“Until this condo record, prices and sales in the Santa Clarita Valley have been hovering below records set during the boom of last decade,” said M. Dean Vincent, chairman of the Santa Clarita Valley Division of the 10,300-member Southland Regional Association of REALTORS®. “Prices moving higher reflect the reality of what happens when too many prospective buyers are chasing too few properties listed for sale.”
The median price of single-family homes that changed owners during April came in at $588,000, up 5.9 percent from a year ago, yet 8.6 percent below the record home high of $643,000 posted in April 2006.
The Association reported 477 active listings at the end of April. That was down 0.4 percent from a year ago and represented a 1.7-month supply at the current pace of sales. With the exception of only this February, every month since February 2017 has been below the benchmark of a 2.0-month inventory. For perspective, the 10-year average is a 4.3-month supply.
“Despite high prices and the lack of inventory, properties continue to sell,” said Tim Johnson, the Association’s chief executive officer. “That in itself is not surprising, yet I suspect that people unfamiliar with the local residential real estate market may not fully appreciate the complexity of each sale and how hard and fast REALTORS® and all parties must work to get to the finish line.
“Local escrows are closing on average in about 30 days, which is remarkably fast,” Johnson said. “Some folks think that offers from multiple buyers and a fast sale make a transaction simple, easy. It’s often the opposite—today’s warp speeds and fast escrows test the skills of even the most seasoned REALTOR®.”
REALTORS® assisted 191 single-family homes that close escrow last month. That was off 0.5 percent from a year ago.
There were 95 condominiums sold last month, up 17.3 percent from a year ago. Both are well below their record highs: April homes sales were off 52.8 percent from the record high of 405 closed escrows set in June 2005; and condo sale 53.4 percent below the condo high of 204 set in April 2003.
The Southland Regional Association of REALTORS® is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
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