More homes closed escrow across the Santa Clarita Valley in February than in in February 2011 – but at lower prices, as the market continues to be impacted by foreclosures and short sales (where the bank approves a sales price that’s “short” of what is owed).
The typical, previously owned single-family home in the SCV sold for $358,000 in February, according to data from the Southland Regional Association of Realtors. That’s down $2,000 from January and well off February 2011’s median price of $385,000.
February 2012 saw 138 single-family homes close escrow – fewer than in January (146) but up from the meager 116 closings one year earlier.
February’s typical condominium sold for $194,000 – down sharply from February 2011’s $230,000 but stronger January 2012 when the median condo price hit 9-year low at $184,500.
Fewer condos sold in February than in January – 55 versus 64 – but the number was up slightly from February 2011 when just 53 condos changed hands.
“With heavy activity in lower price ranges pulling the median price down, you really have to analyze what’s happening in each price range and within each neighborhood to get a sense of what’s happening, especially as buyers examine at a particular unit,” said Erika Kauzlarich-Bird, president of SRAR’s SCV Division . “Prices may be bouncing around now, but I’m confident that a clear upward trend will emerge sometime in the not-too-distant future.”
SRAR officials noted that the inventory of homes for sale “continues to plummet. There were 861 active listings at the end of February, down 27.6 percent compared to the 1,190 listing of February 2011.”
But Realtors could continue to tally higher sales numbers in the short term. There were 426 open escrows at the end of February, 31.9 percent more than a year ago.