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

Inside
Weather
Santa Clarita CA
Sunny
Sunny
71°F
 
Calendar
Today in
S.C.V. History
November 19
2003 - U.S. Rep. Howard "Buck" McKeon introduces the first of several bills intended to block the 78-million-ton Cemex gravel mine in Soledad Canyon [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
2003 - U.S. Rep. Howard "Buck" McKeon introduces the first of several bills intended to block the 78-million-ton Cemex gravel mine in Soledad Canyon [story]
1957 - Newhall County Library dedicated on Ninth Street; rededicated as city of Santa Clarita's Business Incubator exactly 57 years later (2014) [story]
The WiSH Education Foundation helped students at Sierra Vista Junior High School in Canyon Country with a donation of guitars Friday.
WiSH Foundation Donates New Guitars to Sierra Vista
Rep. Steve Knight (R, CA-25), is sending this letter to constituents about H.R. 1, the Tax Cuts and Jobs Act, passed by the U.S. House of Representatives 227-205 Thursday.
Knight: House Tax Bill Offers ‘Unprecedented Relief’
Los Angeles County and city of Los Angeles officials have reached a key milestone in their partnership to create 10,000 units of permanent supportive housing for homeless people over the next decade.
LA City-County Partnership to Create Supportive Housing for Homeless
'SpongeBob SquarePants: The Broadway Musical' officially opens at the Palace Theatre in New York on Dec. 4, but this weekend, NY-based CalArts alumni gather for a preview event.
Dec. 4: ‘SpongeBob SquarePants – The Musical’ Opens on Broadway
Tonight on SCV NewsBreak, SCV Sheriff's announced the arrest of a Saugus probationer on drug and probation violation charges. Plus, a look at some more fun, holiday events happening this weekend. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, November 17, 2017
Seventy dancers from CalArts will present a massive ensemble performance outside the Walt Disney Concert Hall in Downtown Los Angeles on Friday and Saturday, Dec. 15 and 16 at 8 p.m.
Dec. 15-16: CalArts Dancers Plan Massive ‘Impromptu’ Performance
REDCAT, CalArts’ downtown center for contemporary arts, in partnership with the Mike Kelley Foundation for the Arts, will present the first-ever symposium on "Kandors," the last major project of renowned Los Angeles artist and CalArts alumnus Mike Kelley (Art MFA 78) on Saturday, November 18 from 10:30 a.m. to 4 p.m.
Nov. 18: REDCAT Symposium on Mike Kelley’s ‘Kandors’
Back in rainy Vancouver for the NAIA Cross Country National Championships on Saturday, the TMU Mustangs men's cross country team will look for more monumental firsts.
TMU Cross Country Poised for Podium Finish
The Santa Clarita Valley Chamber of Commerce invites local business owners and managers to a Chancellor’s Circle Breakfast briefing on 2018 employment laws in California at College of the Canyons' University Center on Friday, December 1 at 7:30 a.m.
Dec. 1: New State Employment Laws Outlined at Chancellor’s Breakfast
As part of the city of Santa Clarita's median turf removal project, nine medians on Orchard Village Road will be refurbished from November 2017 until approximately August 2018.
Orchard Village Road Medians to be Improved
'The Republican tax cut bill was written to help the rich at the expense of the middle class,' Sen. Dianne Feinstein (D-Calif.) said after Thursday's vote on HR-1 in the House of Representatives.
Feinstein: House Tax Bill Would Aid Rich at Expense of Middle Class
The city of Santa Clarita, in partnership with Parkway Motorcars, will host a free Thanksgiving Dinner at the city’s Newhall Community Center on Monday, November 20 from 5 p.m. to 7 p.m.
Nov. 20: Community Thanksgiving Dinner in Newhall
The next meeting of the Los Angeles County Board of Supervisors is set for Tuesday, November 21, starting at 9:30 a.m.
Nov. 21: County Board of Supervisors Meeting Agenda
Santa Clarita Valley Sheriff's Station deputies arrested a man at a Park and Ride lot in Newhall after finding marijuana and cash in his vehicle early Tuesday morning.
Man Arrested for Marijuana at ‘Park and Ride’ Gets Ride to Jail
The city of Santa Clarita will host a ribbon-cutting ceremony to dedicate the new River Village Trailhead at Bouquet Canyon Road and Newhall Ranch Road on Thursday, November 30 at 10 a.m.
Nov. 30: Ribbon-Cutting to Dedicate River Village Trailhead
The Los Angeles County Department of Public Health confirmed the county's first two influenza-associated deaths of the 2017-2018 flu season.
Two Flu Deaths Confirmed in LA County
Officers from the California Highway Patrol's Newhall station arrested a man in Valencia after chasing his vehicle from Bakersfield Thursday afternoon, according to authorities.
CHP Arrests Driver in SCV After Chase from Bakersfield
Santa Clarita Valley Sheriff's Station Narcotics Bureau deputies arrested a Saugus probationer on drug and probation violation charges Thursday morning.
Saugus Probationer Arrested for Drug Possession
1969 - Construction begins on Magic Mountain amusement park [story]
Boeing announced its investment in Santa Clarita-basted Gamma Alloys, a leader in aluminum alloys focused on developing advanced metal-matrix composites for use in aerospace, automotive and other industries.
Boeing Invests in SC-Based Aerospace, Defense Company
CSUN Men's Basketball head coach Reggie Theus has announced the signings of transfers Jordan Bell, Josh Jefferson and Amel Kuljuhovic to national letters of intent.
Matadors Add Three Recruits During Early Signing Period
The Los Angeles County Commission on Human Relations (LACCHR) on Thursday released its annual account of hate crimes reported throughout Los Angeles County in 2016.
Report: Number of County Hate Crimes Remains High
Preparations are underway at the Michael Hoefflin Foundation as it gets ready for the 2017 Family Holiday Baskets.
Michael Hoefflin Foundation Requesting Donations for 2017 Family Holiday Baskets
Fifty-seven games including 15 matchups with 2017 NCAA Tournament teams highlight the 2018 CSUN Baseball schedule.
Matadors Release 2018 Baseball Schedule
The CSUN men's volleyball team wraps up a busy 17-day span this weekend, traveling to Westwood for the annual UCLA Fall Invitational.
Matadors Head to Westwood for UCLA Fall Invitational
The Williams S. Hart Museum located in Hart Park in Santa Clarita will host an Open House, “Exploring the Art at Hart,” on Sunday, November 19, 2017 from 11:00 a.m. - 4:00 p.m.
Nov. 19: Hart Park Open House, Exploring Art at Hart
The Los Angeles County Department of Parks and Recreation in cooperation with the Friends of Castaic Lake, will be hosting the 24th Annual Castaic Lake Winter Magic and Lighted Boat Parade, Saturday, Dec. 2nd at Paradise Cove, lower lagoon.
Dec. 2: Castaic Lake Winter Magic, Lighted Boat Parade
Santa Clarita Mayor Cameron Smyth will participate in the Santa Clarita Sierra Club’s first-ever “Mayor’s Family Hike” on Sunday, Nov. 19.
Nov. 19: Inaugural “Mayor’s Family Hike”
In anticipation of the busy holiday shopping season, Princess Cruises is launching its annual Cyber Sale, with two can’t-miss offers to the more than 360 worldwide destinations the cruise line visits.
Nov. 17-29: Princess Cruises Holiday Cyber Sale
Santa Clarita Elementary School will hold a Winter Wonderland Holiday Boutique, Saturday, Dec. 2, from 9:00 a.m - Noon.
Dec. 2: Santa Clarita Elementary Winter Wonderland Holiday Boutique
Two people were killed and two more were critically injured in a Wednesday evening crash on the northbound 5 freeway just south of Vista Del Lago, officials said.
Two Killed in Late Night Crash Near Pyramid Lake
STOCKTON – In this Caltrans News Flash, you get an up-close look as Caltrans transitions from 4-inch wide stripes to 6-inch wide stripes on the state highways, providing motorists with a better view of the road in darkness or inclement weather such as rain, snow and fog.
Wider Striping Part of Senate Bill 1, Provides Motorists Better View in Darkness
1997 - "Hercules" movie, directed by CalArts grad John Musker, wins four Annie Awards (animation's top honor) [timeline]