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SCVNews.com | SCV Home, Condo Prices Return to Late-2008 Levels | 07-29-2013
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homepriceshomesalesSingle-family and condominium sales prices hit levels in June that the Santa Clarita Valley hasn’t seen since the beginning of the recession in the fall of 2008.

June’s median single-family home price of $430,000 matched October 2008 and reflected nearly a 20 percent improvement over last June’s $360,000.

Meanwhile, the typical SCV condo changed hands for $263,000, compared to just $195,000 in June 2012. The last time condos hit a higher mark was in August 2008.

Sales volumes were moderate, as 199 single-family homes and 104 condos closed escrow in June, versus 238 and 93, respectively, a year ago.

Importantly, a much bigger share of the market consists of standard sales, rather than foreclosures and short sales.

According to data from the Southland Regional Association of Realtors, 69 percent of residential escrow closings in June were standard sales, while 23.1 percent were short-pays and 7.3 percent were foreclosures.

That compares to June 2012 when only 32.5 percent were standard sales, 29.4 percent were short-pays and 15.3 percent were foreclosures.

“Rising prices are an enormous help for homeowners who owe more than the current resale value of the house, lifting them ever closer to a positive equity position,” said Bob Khalsa, president of SRAR’s Santa Clarita Valley Division.

Sellers are still holding back. Just 428 homes and condos were listed for sale on SRAR’s Multiple Listing Service at the end of June, down 21.3 percent from a year ago. At the current pace of sales, 428 properties represent just a 1.4-month inventory. A five- or six-month supply is considered healthy.

 

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