Sales volumes have picked up as they usually do during the summer, but Santa Clarita Valley home prices have gone nowhere all year.
At least they haven’t lost ground.
The median price of a single-family home in the SCV in June was $360,000 – the same as it was in January. The price had risen to $378,100 in March but fell back again to $360,000 in May and stayed there, according to data released Wednesday by the Southland Regional Association of Realtors.
The typical SCV condominium changed hands for $195,000 in June, down slightly from May’s $200,000 figure but up from the beginning of the year ($184,500).
Compared to one year ago, June’s median single-family home price was off by $10,000 and condos were trading $5,000 lower.
But more homes were moving this year than last. In June, 238 single-family homes closed escrow in the SCV, compared to 217 a year earlier. Ninety-three condos closed escrow in June 2012, versus 80 in June 2011.
The biggest percentage change over the last year has come in the number of homes available for sale. Just 544 residential properties were listed for sale on the association’s Multiple Listing Service (MLS), a drop of 51.3 percent over the past 12 months. In June 2011 there were 1,116 active listings.
At the current pace of sales, there’s only a 1.6-month supply of homes on the market compared to 3.8 months’ supply in June 2011. A five- or six-month supply is generally considered healthy.
Jim Link, CEO of the Realtors’ group, said the low inventory stems from “ongoing consumer uncertainty about the economy, fewer bank-owned properties coming on the market, and nearly one third of homeowners statewide owing more than their property is worth – thus freezing in place what otherwise would be a large number of prospective owners who might list for sale.”
Kauzlarich-Bird, president of the association’s SCV division said a normal market “is still at least a year away, yet any owner with equity in their property and a desire for a new home would be well advised to get active now.”