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

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
64°F
 
Calendar
Today in
S.C.V. History
November 17
1969 - Construction begins on Magic Mountain amusement park [story]


Williams Homes _ Valle Di Oro [1][SRAR] – Resale prices reached their highest levels since 2007 for the 130 single-family homes and 55 condos that were sold this past February in the Santa Clarita Valley.

The home sales total was down 4.2 percent from a year ago — with a decline not unusual for at this time of year — while the condominium tally posted a 17.0 percent increase over February 2015.

“With the continued limited inventory, it’s likely sales and prices will move higher in the coming months,” said M. Dean Vincent, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “Economists point to real estate charts and statistics which describe a 6-year cyclical pattern for the real estate market, which
suggests we should have reached our peak for this phase.

“Yet so long as interest rates stay low, I believe rising sales and prices can be sustained,” Vincent said. “The difference will be that the increases will be slower, more moderate, probably a single-digit increase of 5 percent in the annual median price.”

The median price of the 136 homes that changed owners in February came in at $530,000. That was the second-consecutive month at that figure, which also was reported in May of last year. The $530,000 median home price — the point at which half the homes sold for more and half for less — was the highest since October 2007, yet it was still 17.6 percent below the record high of $643,000 set in April 2006.

The condominium median price of $335,000 rose 11.7 percent over a year ago. Similar to the single-family median price, the condo median was the highest since September 2007 but was 15.6 percent below the record high of $397,000 set in January 2006.

“The pace of increases definitely is slowing,” said Jim Link, SRAR’s chief executive officer. “Not only do we have a shrinking pool of prospective buyers who are able to pay rising prices, but price hikes and sales totals also will be kept in check by stricter lending requirements and today’s tougher appraisals, unlike what happened a decade ago.”

Additional homes listed for sale would ease pressure on prices and give buyers more options, Link noted, yet an increase in the supply is unlikely to happen anytime soon, partly because Baby Boomers today resist moving or trading down, preferring to stay in place instead.

There were 509 active home and condominium listings on the Multiple Listing Service operated by the Association at the end of February. That was down 4.3 percent over a year ago. At the current pace of sales the 509 active listings represented a 2.7-month supply compared to the 2.8-month inventory reported at the end of February 2015.

Of the 191 total home and condominium sales facilitated by Realtors last month, 90.6 percent were standards sales involving traditional buyers and sellers.

Additionally, 3.7 percent of the combined totals were foreclosure related and 4.2 percent were short sales, where lenders agreed to a sale at a price lower than the outstanding loan.

Interestingly, February marked the second consecutive month since the Association started keeping the statistic in 2012 that there were zero condominium foreclosure related Real Estate Owned transactions. February also was the first month with zero condominium short sales.

“It’s positive seeing some housing categories with zero distressed sales,” Vincent said. “A benefit of rising resale prices is that there are fewer underwater owners, those who owe more than their home’s current resale value, and growing legions of owners have equity in their home, reducing, if not completely eliminating, the likelihood of a distressed sale.”

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.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1969 - Construction begins on Magic Mountain amusement park [story]
Democratic challenger Christy Smith's lead has widened to 3,099 votes over Republican incumbent Dante Acosta in the race for California's 38th District, according to the updated ballot count released Friday afternoon by the Los Angeles County and Ventura County registrars of voters.
Smith Widens Lead in 38th Assembly District Tally
Retired Los Angeles County Sheriff's Lt. Alex Villanueva has pulled ahead of incumbent Sheriff Jim McDonnell by 57,810 votes in the Nov. 6 general election
Sheriff’s Race: Villanueva Widens Lead Over McDonnell by Nearly 58K Votes
A new three-year collective bargaining agreement between Kaiser Permanente and the Alliance of Health Care Unions is now in effect through Sept. 30, 2021.
Kaiser Permanente, Health Care Unions Ratify New National Deal
The next meeting of the Los Angeles County Board of Supervisors is set for Tuesday, Nov. 20, starting at 9:30 a.m.
Nov. 20: LA County Board of Supervisors Meeting
The Santa Monica Mountains National Recreation Area suffered significant damage from the Woolsey Fire, including the destruction of the Western Town at Paramount Ranch and a building housing priceless archives, the National Park Service reported Friday.
Woolsey Fire Destroys Western Town, Museum, Archives at Paramount Ranch
A multitude of important disaster recovery resources from government, non-profit, and private agencies are now available online at www.lacounty.gov/woolseyfire to help support residents, business owners, and others impacted by the Woolsey Fire.
County Launches Recovery, Damage Reporting Webpage for Woolsey Fire Victims
Red Rock Canyon State Park officials have set their schedule of interpretive events for the second half of November.
Red Rock Canyon State Park Sets November Walks, Talks, Slide Show
Registration is underway for the College of the Canyons winter semester, and registration for the spring 2019 semester will begin Tuesday, Jan. 2.
Register Now for COC Winter Semester; Spring Registration to Open Jan. 2
The California State Auditor rebuked the agency in charge of implementing the state’s high-speed rail project Thursday, finding lack of planning and poor oversight has led to cost overruns plaguing the Golden State’s efforts.
Cost Overruns, Poor Oversight Plague California Bullet Train
The U.S. Small Business Administration has issued a disaster declaration for Los Angeles County that will make low-interest federal disaster loans available to businesses and residents impacted by the Woolsey Fire.
Feds Offer Low-Interest Loans to LA County Wildfire Victims
Santa Clarita Valley Sheriff's Station deputies arrested a man on Friday suspected of vandalizing a Newhall business over the Veterans Day holiday weekend.
SCV Deputies Arrest Newhall Vandalism Suspect
The city of Santa Clarita, in partnership with Parkway Motorcars, will once again hold a Thanksgiving Community Dinner at the Newhall Community Center, located at 22421 Market Street in Newhall.
Nov. 19: City’s Annual Thanksgiving Community Dinner
Valencia native, Celine Chen, 14, will compete as a Division Finalist in the Music Teachers National Association (MTNA) Southwest Division Junior Piano.
West Ranch Freshman Heads to Southwest Division Piano Competition
1941 - Rose (stagecoach) Station at bottom of Grapevine dedicated as California Historical Landmark [story]
Princess Cruises has been recognized by SHAPE magazine as a winner in its fourth annual Healthy Travel Awards, recognizing the cruise line’s state-of-the-art Lotus Spa and Fitness Centers onboard its 17 cruise ships.
SHAPE Magazine Recognizes Princess Cruises with Healthy Travel Award
Most people with Medicare will pay the standard monthly premium for Medicare Part B, which will be $135.50 next year, an increase of $1.50 over 2018. Your Part B premium is based on your income. People whose tax returns show income equal to or higher than $85,000 pay higher premiums. These income-adjusted premiums apply to about 5 percent of all Medicare beneficiaries.
Your Medicare Costs in 2019 | Commentary by Greg Dill
The Michael Hoefflin Foundation for children’s cancer is getting ready to celebrate the 2018 Holiday Season.
Michael Hoefflin Foundation Seeking Donations for Holiday Baskets
Chili cook-off entries and craft boutique applications are now being accepted for the Antelope Valley Indian Museum’s eighth-annual “Holidays on the Homestead,” to be held on Saturday Dec. 1, from 5:00 p.m. - 8:00 p.m.
Dec. 1: Annual ‘Holidays on the Homestead’ at AV Indian Museum
The Santa Clarita Valley Chamber of Commerce is pleased to announce Nancy Starczyk as the 2019 Chair of the Board of Directors.
Realtor Nancy Starczyk Named 2019 SCV Chamber Board Chair
The Brittany Foundation will be at Bark Avenue Dog Grooming on Saturday Dec. 8, from 11:00 a.m. - 3:00 p.m., for pet pictures with Santa.
Dec. 8: Pet Pictures with Santa at Bark Avenue Dog Grooming
The Silvertone Singers, in an effort to raise funding for the new Senior Center set to open in Spring 2019, presents a concert focusing on the theme of "Money."
Nov. 29: Concert, Art Exhibit Benefiting SCV Senior Center
SACRAMENTO - Every year, as the percentage of drivers age 65 and older increases, many look to the California Highway Patrol (CHP) to help them maintain their ability to drive safely.
CHP Implements ‘Age Well, Drive Smart’ for Senior Drivers
Smart & Final Stores, Inc., the value-oriented food and everyday staples retailer, reported Wednesday financial results for the fiscal third quarter ended Oct. 7, 2018.
Smart & Final Overall Sales Increased 2.8% Over Last Year
No. 1 College of the Canyons will host No. 4 Ventura College in a California Community College Athletic Association (CCCAA) Southern California Regional Playoff first round matchup at Cougar Stadium on Saturday Nov. 17. Kickoff is scheduled for 6:00 p.m.
No. 1 Canyons Faces Off Against No. 4 Ventura in First Round Matchup
Grab your broom, don your ruby red slippers and travel to the wonderful land of Oz – long before Dorothy and her friends burst onto the scene.
City Offering ‘Wicked’ Excursion to Pantages Theatre
Fire officials raised the Fire Danger Level from “Very High” to “Extreme” in the Angeles National Forest and San Gabriel Mountains National Monument.
Officials Raise Fire Danger Levels in Angeles National Forest to ‘Extreme’
1978 - Southern Pacific Saugus depot closes; later moved & used as SCV Historical Society museum [story]
Republican incumbent Dante Acosta conceded Wednesday to Democratic challenger Christy Smith in the tight race for California's 38th Assembly District seat in the Nov. 6 general election.
Acosta Concedes to Smith in Assembly Race as Ballot Tally Continues
There's a temptation inherent to a free-flowing and high scoring game.
TMU Men’s Hoopsters Show Selflessness in Win Over Bethesda
TMU's women's volleyball team will fly to Sioux City, Iowa, to begin pool play on Nov. 27 to Nov. 29.
TMU Women’s Volleyball Earns Bye to NAIA Final Site in Iowa
Before Saturday night's GSAC title game, the PA announcer indulged himself in a bit of low-hanging humor.
TMU Women’s Volleyball Wins GSAC Tourney Title, Earns NAIA Bid
Master's women's volleyball team scored a 3-0 semifinal win over Menlo College on the way to the Golden State Athletic Conference tournament at Hope International in Fullerton.
TMU Women’s Volleyball Team Advances to GSAC Title Game
The Mustangs trailed almost all the way through three quarters, rallied in the fourth, and held on to down No. 7 Carroll 61-56 in Helena, Montana Friday.
TMU Women’s Hoopsters Close Trip with Win Over No. 7 Carroll