[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | Entry-level Condos are Hot; Single-Family Prices Climb | 09-24-2013
Inside
Weather
Santa Clarita CA
Intermittent clouds
Intermittent clouds
70°F
 
Calendar
Today in
S.C.V. History
December 21
1910 - Newhall (Auto) Tunnel opens, bypassing Beale's Cut [story]


homepriceshomesalesSanta Clarita Valley home prices  returned to pre-recession levels in August as the typical previously owned single-family home changed hands for $450,000. The figure was last seen in August 2008.

Condominium prices slipped slightly to $295,000 in August from their 5-year high of $300,000 set in July.

More condos were sold in August, however (129). In fact, the last time that many condos closed escrow was April 2006.

“As prices rise, and with last month’s slight uptick in interest rates, buyers focused heavily on properly priced, entry-level properties,” said Bob Khalsa, president of the Southland Regional Association of Realtors’ SCV Division. “That’s one reason why condo sales picked up during August.”

On the flip side, only 176 single-family homes closed escrow in August. That’s the slowest August for single-family home sales since August 1997.

But there are some reasons for Realtors to be optimistic.

For one thing, the number of traditional sales vs. foreclosures continues to improve. As recently as November 2012, short sales – bank approved sales for an amount that’s “short” of what is owed on the loan – accounted for 47.9 percent of all sales in the SCV. Turn up the clock to August, and short sales represent just 18.7 percent of the total. Standard sales comprised 77 percent of the market, while REOs (foreclosures) represented just 4.3 percent.

Also, more inventory appears to be one the way. Active listings on SRAR’s Multiple Listing Service stood at 517 (379 single-family, 138 condos) as of Aug. 31. That’s still only a 1.7-month supply of homes – a five- to six-month supply is reflective of a healthy market – but it was the second consecutive monthly increase.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

No Comments

    LOCAL BUSINESS LINKS
    LOCAL BUSINESS HEADLINES
    FINANCIALS OF LOCAL INTEREST
    MARKETS & METALS
    NASDAQ4765.38  chart +0.36%
    S&P 5002070.65  chart +0.46%
    STOCKS OF LOCAL INTEREST
    Bank Santa Clarit9.18  chart +0.00%
    Biosolar, Inc.0.13  chart +18.18%
    Cu Bancorp (ca)20.02  chart -1.96%
    Enable Ipc Corp0.0064  chart +1.59%
    Flextronics Inter11.015  chart +0.59%
    Linn Energy, Llc12.24  chart +2.17%
    Linn Co, Llc11.92  chart +5.86%
    Mannkind Corporat5.36  chart -0.92%
    Mission Vly Bcp C6.05  chart +0.00%
    Quest Diagnostics66.34  chart +1.19%
    Santa Clara Valle6.00  chart +0.00%
    Tejon Ranch Co Co28.60  chart -0.24%
    Us Energy Initiat0.001  chart -9.09%
    Wesco Aircraft Ho14.94  chart +1.98%

    Apple Inc.111.78  chart -0.77%
    At&t Inc.33.54  chart +0.09%
    Autonation, Inc. 58.56  chart +1.40%
    Best Buy Co., Inc39.01  chart +1.38%
    Big Lots, Inc. Co38.39  chart -3.52%
    Barnes & Noble, I22.88  chart -2.64%
    Brady Corporation27.56  chart +1.06%
    Bre0.00  chartN/A
    Bry0.00  chartN/A
    Boston Scientific13.15  chart -0.83%
    Brookfield Reside22.96  chart -0.52%
    Cbre Group Inc Co35.01  chart +1.92%
    Carnival Corporat44.79  chart +0.65%
    Comcast Corporati57.17  chart +1.56%
    Costco Wholesale 141.77  chart +0.15%
    Curtiss-wright Co69.03  chart +0.77%
    Cvs Health Corpor95.70  chart +0.19%
    Cemex, S.a.b. De 10.68  chart -1.57%
    D.r. Horton, Inc.24.83  chart +1.47%
    Walt Disney Compa92.89  chart +0.30%
    Edison Internatio64.80  chart +0.03%
    Hyatt Hotels Corp59.75  chart +0.71%
    Home Depot, Inc. 101.93  chart +1.25%
    Kb Home Common St16.10  chart -1.17%
    Kroger Company (t63.55  chart -0.14%
    Lennar Corporatio43.67  chart -0.02%
    Laboratory Corpor105.80  chart -0.60%
    Linn Energy, Llc12.24  chart +2.17%
    Linn Co, Llc11.92  chart +5.86%
    Lowe's Companies,66.90  chart +0.42%
    Marriott Internat77.43  chart +0.10%
    Mcdonald's Corpor93.22  chart -0.48%
    Mitsubishi Ufj Fi5.70  chart +2.52%
    Netflix, Inc.340.12  chart +1.70%
    Office Depot, Inc8.65  chart +3.10%
    Regal Entertainme20.61  chart +0.05%
    Republic Services40.26  chart -0.49%
    Radioshack Corpor0.378  chart +17.72%
    Starbucks Corpora79.44  chart -0.74%
    Sears Holdings Co33.04  chart -0.75%
    Six Flags Enterta41.95  chart -0.05%
    Sonova Hldg N145.00  chart +1.75%
    Staples, Inc.17.55  chart -0.51%
    Supervalu Inc. Co9.43  chart -0.63%
    Safeway Inc. Comm34.77  chart -0.52%
    Target Corporatio73.95  chart -0.92%
    Time Warner Cable149.31  chart +2.02%
    Ulta Salon, Cosme129.22  chart -0.37%
    Walgreen Co. Comm73.23  chart -1.55%
    Waste Connections43.93  chart -1.06%
    Whole Foods Marke48.80  chart -0.33%
    Waste Management,50.78  chart -0.16%
    Wal-mart Stores, 85.16  chart -0.91%
    Woodward, Inc.49.80  chart +0.40%
    CURRENCY CONVERTER

    Latest Additions to SCVNews.com
    1910 - Newhall (Auto) Tunnel opens, bypassing Beale's Cut [story]
    Stories about these creamy white bears spread from British Columbia to people in the area that is now the United States, where they were assumed to be mythological creatures.
    Spirit Bear
    Three unlicensed drivers were arrested and ordered to court, at a Friday night checkpoint in Santa Clarita.
    3 Unlicensed Drivers Busted at Checkpoint
    That Christmas Eve celebration was amazing - beautiful in so many ways, but especially for the people who were brought together that evening. We celebrated alongside Australians, Brits, Arabs and Jews, and it even snowed in the early morning hours, something extremely rare for that part of the world.
    An Old Elevator
    1925- New York premiere of William S. Hart's final film, "Tumbleweeds" [story]
    This high-speed rail issue transcends most other problems we’ve had recently. Billboards? Small problem. High-speed rail? HUGE problem.
    This Bullet Kills
    Filmmaker and CalArts faculty James Benning’s 16mm documentary "13 Lakes" (2004) and CalArts alumnus John Lasseter’s 3D animated short, "Luxo Jr." (1986), are among the 25 films selected this year by the Library of Congress for inclusion in the National Film Registry.
    Films by CalArts’ Benning, Lasseter Make National Registry
    Tonight on SCV NewsBreak: About 1,000 West Creek Academy students, parents, administrators and teachers created a “living painting” of a piano Friday. PLUS more local news.
    SCV NewsBreak for Friday, December 19, 2014
    AQUILA M8, under development for a confidential customer, Millennium's AQUILA platform product line, supporting missions of up to 3000 kg total mass in low, medium and geostationary Earth orbits.
    Tested in Santa Clarita, Satellite Structure is Good to Go
    The settlement terms require that T-Mobile pay at least $90 million; of this sum, at least $67.5 million must be paid to consumers—a portion of which may be paid by forgiving debts consumers may owe T-Mobile.
    T-Mobile to Pay $90 Mil. to Settle Cramming Charges
    Nearly 1,000 West Creek Academy students, parents, administrators and teachers created a “living painting” of a piano.
    West Creek Kids Create Living Piano
    The City of Santa Clarita invites community members to welcome the New Year at the Arctic Chill Polar Bear Swim on Thursday, Jan. 1, at 9 a.m.
    Jan. 1: Polar Bear Swim at Santa Clarita Aquatic Center
    Holiday hiring helped hold Santa Clarita’s unemployment rate at 4.5 percent in November, even with October. The real story is in the comparison to last November’s 5.7 percent.
    Santa Clarita Jobless Rate Falls 1.2% Over Year
    For the second consecutive year, UCLA ranked No. 5 in Kiplinger Personal Finance’s list of “Best Values in Public Colleges.”
    Kiplinger Rates UCLA 5th Best Value
    Deputy Joe Trejo, known affectionately as “the Mayor of Newhall” and “Uncle Joe,” retired this week as community relations deputy for the Santa Clarita Valley Sheriff’s Station.
    Trejo, De-facto Mayor of Newhall, Turns In His Badge
    Former light heavyweight champion and 1984 silver medalist boxer Virgil Hill, 50, is making a comeback. He took on his son, Valencia High School grad Virgil Hill, Jr., in a three-round exhibition.
    Valencia’s Hall of Fame Boxer Fights His Son
    The North American Aerospace Defense Command has informed the Defense Department that every indication is that Santa Claus will arrive on time this year to deliver presents to the world’s estimated 1.9 billion children, Pentagon Press Secretary Navy Rear Adm. John Kirby said Friday.
    NORAD Tunes Up Santa Tracking System
    1969 - SCV resident Kristy Swanson, original Buffy the Vampire Slayer (1992), born in Mission Viejo [story]
    On Aug. 18, nine days after the killing, 78 people were arrested and, depending which news source you read, either 74 or 75 were from out of the area. California and New York were cited often as states sending their best and brightest.
    Fools Rush to Ferguson
    The folks from Chiquita have been handing out new bikes and toys all over the place. It is Christmas, after all. Never pass up a good chance to ruin somebody’s health by being a “good neighbor” and giving out gifts.
    Fluffy Clouds and Kittens
    SCV NewsBreak: State Water Board members unanimously approved changes to the chloride compliance requirements for the SCV Sanitation District Tuesday. What does it mean for property owners in Santa Clarita?
    SCV NewsBreak for Thursday, December 18, 2014
    After more than a half-dozen meetings and hundreds of comments, high-speed rail officials say they’re still figuring out how to include the public’s concerns in their multi-billion dollar plan.
    Bullet Train Officials Digesting Public’s Concerns
    The California State Board of Equalization has conducted a public hearing and moved forward with regulation amendments clarifying that hydroponic farmers qualify for the sales and use tax exemptions for fertilizer.
    BOE: Hydroponic Farmers Qualify for Tax Exemptions
    Friday night, The Vu in Newhall presents No Small Children; Saturday at Wolf Creek Brewery off Rye Canyon Loop in Valencia, it’s the annual Ugly Christmas Sweater Party.
    SCV Entertainment Beat: No Small Children, Ugly Sweaters