The median single-family home price in the Santa Clarita Valley dipped slightly in June to $481,000 from $485,000 in May, but the figure was still well ahead of last June’s $430,000.
Condominium prices, meanwhile, climbed to $290,000 in June from $281,000 in May and $263,000 in June 2013.
“I expect prices to keep moving up, but not at the double-digit pace seen last year,” said Jim Link, CEO of the Southland Regional Association of Realtors.
“The demise of distressed properties and the steady increase in homes listed for sale by traditional owners suggest we’re moving much closer to a normal market,” he said.
Sales were somewhat more sluggish than Realtors tended to expect. Just 190 single-family homes closed escrow across the SCV in June, slightly fewer than the previous month’s 210 and the prior June’s 199.
June saw 97 condominiums change hands, more than in May (97) but off last June’s pace of 104.
“Pricing the property correctly is the key to a quick sale,” said Nancy Starczyk, president of the Realtor group’s SCV Division. “Homes are taking longer to sell now, buyers are much more selective, and the pool of prospective buyers shrinks as prices move higher. The market is highly competitive.”
Some sellers have come out of the woodwork, though. As of June 30 there were 706 homes listed for sale on SRAR’s Multiple Listing Service; that’s 65 percent more than a year ago.
Foreclosures and short sales were down sharply on the year, indicating a more normalized market. This June, 12.2 percent of escrow closings were distressed sales, versus 30.4 percent a year ago; foreclosures fell to the lowest level on record, Realtors said.