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SCVNews.com | More Homes Sell for Less in 2011; 9-Year Low Holds | 01-24-2012
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The typical Santa Clarita Valley home sold for $340,000 in December – unchanged from November when home prices hit a 9-year low.

Meanwhile, condominium prices showed some strength in December, rising for the second consecutive month to $203,800 after hitting a 9-year low in October.

Sales picked up in December as 217 single-family homes changed hands, versus 198 in November. Condo sales rose sharply to 105 from 65 in November.

The Southland Regional Association of Realtors released the figures Tuesday. SRAR reported that for all of 2011, single-family home values fell by 10.2 percent to a median price of $364,867, while the typical condominium traded for $210,675, a loss of 7.5 percent.

There was good news for Realtors in 2011 as the volume of single-family homes closing escrow climbed 2.6 percent to 2,135. Condo sales were 1.5 percent higher at 888.

“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,” said Erika Kauzlarich-Bird, president of SRAR’s Santa Clarita Valley Division.

But as long as there are homeowners who are are upside-down, banks will continue to be major players.

“Short sales and bank-owned properties will be with us through this year and possibly well into 2013,” said Jim Link, SRAR’s CEO. “A sign that we’ve fully recovered will be when more conventional owners resume listing homes for sale.”

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