Consumer Uncertainty Stalls Full-Fledged Recovery of Santa Clarita Valley Home Sales Santa Clarita Valley Home Sales Rise Again With November Activity Up 34% Santa Clarita Valley Home Sales Rise Again With November Activity Up 34%
For the fifth out of the last six months, sales of existing single-family homes in the Santa Clarita Valley increased during November compared to the prior year, the Southland Regional Association of Realtors reported on Monday, Dec. 19.
That tracks with a pattern seen in many other communities throughout California, yet the increase in Santa Clarita is more pronounced because of the size of the jump.Santa Clarita Valley Home Sales Rise Again With November Activity Up 34% Santa Clarita Valley Home Sales Rise Again With November Activity Up 34%
For the fifth out of the last six months, sales of existing single-family homes in the Santa Clarita Valley increased during November compared to the prior year, the Southland Regional Association of Realtors reported on Monday, Dec. 19.
That tracks with a pattern seen in many other communities throughout California, yet the increase in Santa Clarita is more pronounced because of the size of the jump.
A total of 198 homes changed owners last month, up 33.8 percent over 12 months ago and 12.5 percent better than this October. It was the second consecutive month that home sales increased over the prior year and the fifth out of the last six months.
Home sales are up 100.0 percent from the record low for this cycle, which was set in January 2008.
With buyers chasing low prices in single-family homes, condominium activity was off 20.7 percent. A total of 65 condos changed owners during November compared to 82 a year ago. Even so, condo sales are 109.7 percent better than the record low, which came in January 2008.
“Families that want to own a home are pursuing remarkable opportunities,” said Sal Aranda, president of the Association’s Santa Clarita Valley Division. “A limited inventory is another constraint on the market, yet the November statistics show that an increasing number of buyers are getting the message.”
At the end of the month there were a mere 1,039 active listings — 723 single-family homes and only 316 condominiums. The total was down 19.8 percent from year ago and represents a 4.0-month supply at the current pace of sales, which is low given the growing demand.
Jim Link, the Association’s chief executive officer, said affordable prices and Santa Clarita’s relatively strong local economy and its overall desirability as a place to live are helping to stabilize the housing market.
“With a median price of $340,000 I’m not surprised that local sales are on the upswing,” Link said. “Despite the many challenges facing the housing market, the strong pace of activity in Santa Clarita is very encouraging.”
The November single-family home median price was down 12.8 percent and set a new low for this market cycle.
The condominium median price for November of $199,900 was off 4.8 percent from a year ago, but increased 7.0 percent from this October, which was the record low.
Pending sales suggest November’s heavier than usual activity will continue through December, a time of year when sales typically taper off due to the holidays. There were 320 open escrows at the end of November, up 8.8 percent compared to a year ago.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
Santa Clarita Valley 2011 Home Sales Up, Posting Third Annual Gain in Four Years
Sales of existing single-family homes and condominiums in the Santa Clarita Valley increased during 2011 with home sales up for the third time in four years and condo sales up for each of the last three years, the Southland Regional Association of Realtors reported on Tuesday, Jan.24.
Realtors negotiated sales of 2,135 single-family homes and 888 condominiums last year posting a 2.6 increase for homes and 1.5 percent gain for condos.
Home and condo sales during 2011 generated more than $1.01 billion for the local economy, not including the purchase of related products and services that often follow each sale, such as appliances, remodeling and landscaping.
“The Santa Clarita Valley is a strong, unique market that does not typically follow national or even some Southern California statistics,” said Erika Kauzlarich-Bird, the 2012 president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors.
“It’s a vibrant community that attracts a lot of companies, has great schools and a lot of opportunity,” she said. “It’s the complete package in terms of being a highly desirable place to live and work.
“I think we’re on a good path where we’ll see prices level off and start a gradual climb as the number of foreclosures and short sales diminish, especially now that many lenders have restructured the short-sale process, making it easier and faster to get an answer and complete the transaction,” she said.
While other Southern California communities are struggling to recover from the Great Recession, Kauzlarich-Bird said Santa Clarita has been posting relatively strong numbers and is on track for a faster recovery.
“Short sales and bank-owned properties will be with us through this year and possibly well into 2013, so there’s still a lot of work that needs to be done,” said Jim Link, the Association’s chief executive officer. “Plus, the ongoing presence of owners whose property is worth less than what they owe will be a drag on the market.
“A sign that we’ve fully recovered will be when more conventional owners resume listing homes for sale,” he said. “That will signal their renewed faith in the economy and the market and enlarge the number of properties listed for sale.”
Unlike what’s happening elsewhere in the nation, where too many homes are on the market, Link and Kauzlarich-Bird agreed that an exceedingly small local inventory limits buyers’ options and is a brake on sales.
“Given today’s low interest rates on home loans and the best affordability in decades, we’d see many more sales if only the inventory was larger,” Kauzlarich-Bird said.
The 961 properties listed at the end of the month fell 22.7 percent from a year ago and represent a mere 3.0-month supply at the current pace of sales. A 5- to 6-month inventory is desired.
The single-family home annual median price of $364,867 was down 10.2 percent from a year ago. It was the fifth consecutive year of price declines, which began in 2007. The record annual home median price of $603,492 appeared in 2006.
The annual median price of the 888 condos sold in 2011 was $210,675, down 7.5 percent from the prior year. Except for a less than 1 percent increase in the median posted in 2010, the annual condo median has declined every year since 2007. The record annual median of $380,583 was set in 2006.
“The combined effect of a pent-up demand for housing and a two- or three-month inventory in some regions of the Valley will start driving prices higher,” Kauzlarich-Bird said. “Prices have been bouncing along the bottom for some time now, but the trend is clearly up for 2012 and beyond.”
2011 ended on a strong note for the Santa Clarita Valley with December home sales up 33.1 percent and condo sales up 110.0 percent over December 2010.
Open escrows at the end of December suggest the rally will continue well into the New Year. Pending sales — a measure of future sales activity — were up 30.5 percent.
The Southland Regional Association of Realtors® is a local trade association with more than 9,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
For the fifth out of the last six months, sales of existing single-family homes in the Santa Clarita Valley increased during November compared to the prior year, the Southland Regional Association of Realtors reported on Monday, Dec. 19.
That tracks with a pattern seen in many other communities throughout California, yet the increase in Santa Clarita is more pronounced because of the size of the jump.
A total of 198 homes changed owners last month, up 33.8 percent over 12 months ago and 12.5 percent better than this October. It was the second consecutive month that home sales increased over the prior year and the fifth out of the last six months.
Home sales are up 100.0 percent from the record low for this cycle, which was set in January 2008.
With buyers chasing low prices in single-family homes, condominium activity was off 20.7 percent. A total of 65 condos changed owners during November compared to 82 a year ago. Even so, condo sales are 109.7 percent better than the record low, which came in January 2008.
“Families that want to own a home are pursuing remarkable opportunities,” said Sal Aranda, president of the Association’s Santa Clarita Valley Division. “A limited inventory is another constraint on the market, yet the November statistics show that an increasing number of buyers are getting the message.”
At the end of the month there were a mere 1,039 active listings — 723 single-family homes and only 316 condominiums. The total was down 19.8 percent from year ago and represents a 4.0-month supply at the current pace of sales, which is low given the growing demand.
Jim Link, the Association’s chief executive officer, said affordable prices and Santa Clarita’s relatively strong local economy and its overall desirability as a place to live are helping to stabilize the housing market.
“With a median price of $340,000 I’m not surprised that local sales are on the upswing,” Link said. “Despite the many challenges facing the housing market, the strong pace of activity in Santa Clarita is very encouraging.”
The November single-family home median price was down 12.8 percent and set a new low for this market cycle.
The condominium median price for November of $199,900 was off 4.8 percent from a year ago, but increased 7.0 percent from this October, which was the record low.
Pending sales suggest November’s heavier than usual activity will continue through December, a time of year when sales typically taper off due to the holidays. There were 320 open escrows at the end of November, up 8.8 percent compared to a year ago.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
July 2011 (SCV)
Santa Clarita Valley Home Sales Rise for Second Consecutive Month
Following a pattern seen in many regions statewide, sales of existing single-family homes during July in the Santa Clarita Valley rose 6.3 percent, the Southland Regional Association of Realtors reported on Friday, Aug. 19.
A total of 187 homes changed owners, up 11 transactions from a year ago when sales were bolstered by the presence of federal and state home buyer tax credits. It was the second consecutive month that sales improved over a year ago.
Condominium sales of 73 units came in 7.4 percent better than July 2010, the first time that’s happened in eight months.
Home sales are up 88.9 percent from their record low for this cycle, set in January 2008, while condo sales have surged 135.5 percent since hitting bottom in the same month.
“Given pent-up demand, near record low interest rates and affordable prices you’d think that sales would come in even stronger, but even this small step forward is welcome,” said Sal Aranda, president of the Association’s Santa Clarita Valley Division. “Consumer are concerned about the economy, but I cannot stress strongly enough the uniqueness of the opportunities present in this market, which is changing on a daily basis.”
The median price of the homes sold last month came in at $370,000 down 12.0 percent from a year ago; it was unchanged from this June. The condo median price of $217,500 was off 1.1 percent, but up 8.8 percent from June.
Prices have been bouncing up and down since hitting bottom in January, with the single-family median now 6.9 percent higher and the condo median up 8.8 percent from their respective lows.
“While the Santa Clarita economy is relatively strong and growing, sustained job and income increases nationwide are needed before consumers can feel confident and housing can truly get on track,” said Jim Link, the Association’s chief executive officer.
“The traditional incentives — low interest rates and low prices — lure the savvy, well-qualified buyers who need a home and intend to stay put for a number of years,” Link said. “There are plenty of others who want to buy, but need better economic news to get them into the market.”
There were a total of 1,148 active listings at the end of July, up 1.9 percent from a year ago. At the current pace of sales the inventory represents a 4.4-month supply, down slightly from the 4.6-month supply of July 2010. A 5- to 6-month supply is desired.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
Link noted that statewide reports show that foreclosures are going down and short sales are on the rise, a switch that supports reports that some lenders are changing their emphasis.
Santa Clarita Valley Home Sales Rise Again With November Activity Up 34%
For the fifth out of the last six months, sales of existing single-family homes in the Santa Clarita Valley increased during November compared to the prior year, the Southland Regional Association of Realtors reported on Monday, Dec. 19.
That tracks with a pattern seen in many other communities throughout California, yet the increase in Santa Clarita is more pronounced because of the size of the jump.
A total of 198 homes changed owners last month, up 33.8 percent over 12 months ago and 12.5 percent better than this October. It was the second consecutive month that home sales increased over the prior year and the fifth out of the last six months.
Home sales are up 100.0 percent from the record low for this cycle, which was set in January 2008.
With buyers chasing low prices in single-family homes, condominium activity was off 20.7 percent. A total of 65 condos changed owners during November compared to 82 a year ago. Even so, condo sales are 109.7 percent better than the record low, which came in January 2008.
“Families that want to own a home are pursuing remarkable opportunities,” said Sal Aranda, president of the Association’s Santa Clarita Valley Division. “A limited inventory is another constraint on the market, yet the November statistics show that an increasing number of buyers are getting the message.”
At the end of the month there were a mere 1,039 active listings — 723 single-family homes and only 316 condominiums. The total was down 19.8 percent from year ago and represents a 4.0-month supply at the current pace of sales, which is low given the growing demand.
Jim Link, the Association’s chief executive officer, said affordable prices and Santa Clarita’s relatively strong local economy and its overall desirability as a place to live are helping to stabilize the housing market.
“With a median price of $340,000 I’m not surprised that local sales are on the upswing,” Link said. “Despite the many challenges facing the housing market, the strong pace of activity in Santa Clarita is very encouraging.”
The November single-family home median price was down 12.8 percent and set a new low for this market cycle.
The condominium median price for November of $199,900 was off 4.8 percent from a year ago, but increased 7.0 percent from this October, which was the record low.
Pending sales suggest November’s heavier than usual activity will continue through December, a time of year when sales typically taper off due to the holidays. There were 320 open escrows at the end of November, up 8.8 percent compared to a year ago.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
While down from a year ago, the monthly median of homes and condos sold during February increased from record lows. The single-family median of $385,000 was up 11.3 percent from this January while the condo median price of $230,000 improved 15.0 percent. Compared to a year ago February, both fell, 6.1 percent and 8.0 percent, respectively.
“It will take at least another year or two for the market to work through remaining foreclosures and short sales,” Aranda said. “Combine that with issues like the uncertain fate of Freddie Mac and Fannie Mae, which help make loans readily available, and it’s easy to understand why some consumers hesitate.
“Yet those who remain indecisive will surely miss an opportunity,” Aranda said.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
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Condominium sales dropped 12.7 percent from a year ago, also the lowest tally since January 2008. Condo sales had been trending higher, but started to slacken after federal tax credits ended.
“Perception is critical,” said Sal Aranda, president of the Association’s Santa Clarita Valley Division. “Prospective buyers understand all the reasons why buying now makes sense — low interest rates, low prices, limited competition, a growing inventory — but if buyers think the economy is shaky, they sit on the fence, preferring to wait, even if it means missing an opportunity.”
Realtors expect short sales to be a major factor in the market for at least another year or two, making “it easy to see that properties are undervalued” and more affordable than at anytime in decades, Aranda said. Indeed, the California Association of Realtors recently reported that the percentage of first-time buyers who could afford to purchase an entry-level home in California rose to 69 percent in the fourth quarter of 2010, matching the record high set in the first quarter of 2009.
“Seeing sales dip in January is not unusual due to typical seasonal factors,” said Jim Link, the Association’s chief executive officer. “Activity should pick up in the coming months, but another reason why January sales fell may be because short sales simply take longer to complete than traditional transactions.”
The median price of the 117 homes sold in January was $345,000, down 13.5 percent from a year ago — a new record low for this cycle, dipping 10.1 percent below the prior low of $385,000 set in December 2008.
The condo median price of $254,000 was up 8.1 percent from a year ago. The median is 23.9 percent higher than the record low of $205,000, which came in January 2009.
“It will take time to find some measure of normalcy, yet I’m confident Santa Clarita — named one of the best places to live in California and blessed with incredible schools — will do just fine,” Aranda said. “Banks are starting to lend again and soon enough buyers will see that affordability will never be better and that they can get into a home for as little as 3.5 percent down.”
There were a total of 1,162 active listings throughout the Santa Clarita Valley at the end of January. That was 46.2 percent higher than a year ago.
At the current pace of sales, that represents a 7.0-month supply — above the 5- to 6-month supply that represents a balanced market. Only recently has the inventory started to move higher.
Pending sales — a measure of future resale activity — were off 6.6 percent from a year ago with 309 open escrows at the end of January compared to 331 a year ago.
The Southland Regional Association of Realtors® is a local trade association with more than 10,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.