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

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
67°F
 
Calendar
Today in
S.C.V. History
September 20
1954 - C-46 cargo plane crashes at Saugus Drunk Farm; Civil Air Patrol chaplains parachute to safety [story]


Local Realtors during 2016 assisted 2,493 sales of existing single-family homes throughout the Santa Clarita Valley while the annual price rose 6.3 percent, the Southland Regional Association of Realtors reported today. The home sale total was up 1.7 percent over 2016 and was the second consecutive year activity has been on the upswing following two years of declines of less than 2.0 percent.

The annual tally has exceeded the 2,000-sale benchmark every year since the local home market bottomed out in 2007 with 1,993 sales. 2015 saw a 9.9 percent bump up in sales, a number upon which Realtors improved in 2016.

“There’s strong, ongoing demand for housing in Santa Clarita,” said Marty Kovacs, the 2017 chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “We have a similar problem found in most other local markets in California — a lack of inventory. However, we’re fortunate to have a significant number of new homes coming onto the market and more nearing the end of construction, which often translates into additional listings of existing homes for sale.

“What happens in 2017 depends on the economy,” he said, noting that he hopes the incoming administration in the nation’s capitol will support strong housing policies and understand that in California the purchase of a home is beyond the reach of many average wage earners.”

“Home sales will increase if the economy is stimulated,” Kovacs said, “enough people feel confident about the future and have the added resources to pay for a home of their own.”

Realtors also assisted the sale of 1,095 condominiums during 2016, down 0.8 percent or nine sales from 2015. The local condo market made small but steady gains in annual sales after bottoming out with 836 sales in 2008 even as HOAs and buyers struggled with issues surrounding financing of condo purchases. 2012 and 2013 saw double-digit increases in annual condo sales, only to have the total drop 14.4 percent in 2014 as the lack of inventory put a brake on sales.

Tim Johnson, the chief executive officer of the 9,600-member Southland Regional Association of Realtors, said local and state leaders will have to join with a robust federal housing policy if California hopes to ease the housing crunch.

“Something needs to be done if we want to ensure that essential service providers like police, fire and first responders, have an affordable place to live,” Johnson said. “The solutions will come through a combination of local and statewide housing initiatives and reforms. And the wild card is the new administration’s plan for federal housing policy.”

The annual price of the 2,493 homes sold last year posted its fifth consecutive increase, ending 2016 at $542,933, up 6.3 percent over the prior year. Annual prices may be continuing to rise, but the pace of the increase is slowing, which reflects the tightening market and falling affordability.

Similarly, the condominium annual price of $338,875 was up 7.8 percent over 2015 and was the fifth consecutive annual gain.

Single-family home and condominium annual prices are still below their record highs: The 2016 annual home price was 10.0 percent below the high of $603,492; and, the condominium price was 11.0 percent below its record high of $380,583, with both records set in 2006.

Sales no doubt would have been higher in 2016 if only there had been more properties to sell. The annual average monthly active listing total peaked at 2,232 per month in 2007 only to plunge to an average 955 listings per month in 2009. 2016 saw the average monthly active listing total drop 8.7 percent from 2015 to 543 active listings.

At the current pace of sales, that represents a 1.9-month inventory, compared to the 10.3-month supply reported in 2007 and the historical statewide average of a 6-month supply. Eight months during 2016 saw the supply at or lower than a 2-month backlog, which may well be the new normal.

2016 closed out with Realtors facilitating the close of escrow during December on 198 homes and 84 condominiums, down 16.8 percent and 15.2 percent, respectively from December 2015.

The December single-family home median price came in at $555,000, up 7.1 percent over the prior year, while the condominium median of $340,000 was up 10.0 percent. Active listings declined 2.9 percent to 437, which represented a1.5-month supply at the current pace of sales.

Pending sales—a predictor of future sales activity—had 200 open escrows at the end of the year, which was unchanged from December 2015.

The Southland Regional Association of Realtors® is a local trade association with more than 9,600 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.

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


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
STOCKS OF LOCAL INTEREST
Bank Santa Clarita17.45  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.042  chart +10.53%
Sierra Bancorp25.57  chart +0.47%
Cu Bancorp (ca)37.40  chart +1.22%
Flex Ltd. - Ordinary Shares16.75  chart -0.71%
Mission Vly Bcp Ca14.15  chart +0.00%
Quest Diagnostics Incorporated101.80  chart -0.06%
Tejon Ranch Co21.43  chart +0.89%
Us Energy Initiative0.0008  chart -11.11%
Wesco Aircraft Holdings, Inc.9.05  chart +0.56%

Apple Inc.156.07  chart -1.68%
At&t Inc.38.43  chart +0.58%
Autonation, Inc.46.80  chart -0.19%
Best Buy Co., Inc.52.59  chart -0.32%
Big Lots, Inc.49.02  chart +0.37%
Barnes & Noble, Inc.7.10  chart +0.71%
Brady Corporation36.55  chart +0.41%
Boston Scientific Corporation28.84  chart +0.52%
Brookfield Asset Management Inc40.64  chart +1.25%
Cbre Group Inc Class A37.13  chart +0.51%
Carnival Corporation64.48  chart -1.13%
Comcast Corporation37.46  chart +0.43%
Costco Wholesale Corporation162.85  chart +0.80%
Curtiss-wright Corporation103.66  chart +2.09%
Cvs Health Corporation80.70  chart -2.89%
Cemex, S.a.b. De C.v. Sponsored9.34  chart +2.30%
D.r. Horton, Inc.37.05  chart -1.38%
Walt Disney Company (the)99.21  chart +0.79%
Edison International79.09  chart -0.78%
Hyatt Hotels Corporation Class 60.98  chart +0.30%
Home Depot, Inc. (the)158.68  chart +0.65%
Kb Home20.71  chart -2.68%
Kroger Company (the)20.80  chart -1.56%
Lennar Corporation Class A50.46  chart -2.61%
Laboratory Corporation Of Ameri154.15  chart +0.85%
Lowe's Companies, Inc.77.91  chart +0.54%
Mannkind Corporation1.98  chart -1.98%
Marriott International107.69  chart +0.32%
Mcdonald's Corporation159.88  chart +1.56%
Mitsubishi Ufj Financial Group,6.36  chart +0.63%
Netflix, Inc.185.51  chart -0.09%
Office Depot, Inc.4.30  chart -1.15%
Rite Aid Corporation2.44  chart +1.67%
Rexford Industrial Realty, Inc.29.88  chart +0.17%
Regal Entertainment Group Class15.88  chart -0.87%
Ross Stores, Inc.60.92  chart -0.38%
Republic Services, Inc.66.59  chart -0.40%
Starbucks Corporation55.15  chart +0.97%
Smart & Final Stores, Inc.7.40  chart +1.37%
Sears Holdings Corporation7.21  chart -0.69%
Six Flags Entertainment Corpora56.75  chart +0.00%
Sonova N166.60  chart -1.30%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation7.86  chart -6.09%
Target Corporation59.26  chart -0.15%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.223.84  chart -0.27%
Walgreens Boots Alliance, Inc.78.84  chart -2.92%
Waste Connections, Inc.70.30  chart +0.72%
Whole Foods Market, Inc.41.99  chart +0.00%
Waste Management, Inc.78.39  chart +0.17%
Wal-mart Stores, Inc.80.50  chart +0.56%
Woodward, Inc.74.77  chart +1.08%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
A “fabulist” coming-of-age novel about a queer mixed-race boy in the bayous of Louisiana, written by California State University, Northridge English professor Martin Pousson, has won the 2017 PEN Center USA Fiction Award.
CSUN’s Martin Pousson Wins PEN’s Literary Award for Fiction
Public notification that the Santa Clarita Community College District (College of the Canyons) Early Childhood Education Center on the Valencia campus is participating in the USDA Child and Adult Care Food Program.
COC Valencia Participates in USDA Child and Adult Care Food Program
Public notification that the Santa Clarita Community College District (College of the Canyons) Early Childhood Education Centers are participating in the United States Department of Agriculture’s Child and Adult Care Food Program.
COC Canyon Country Participates in USDA Child and Adult Care Food Program
The Santa Clarita Valley Service Center has moved from its previous location in Newhall to a new location in the Santa Clarita Plaza, and will host a grand opening celebration Thursday from 11 a.m. to 3 p.m.
Sept. 21: SCV Service Center Grand Opening, Resource Fair
The Los Angeles County Fire Department’s Urban Search and Rescue Team, known internationally as USA-2, has been deployed to Mexico to assist with the aftermath of a 7.1 magnitude earthquake near Mexico City.
L.A. County Fire Sends Search and Rescue Team to Mexico
The city of Santa Clarita invites nonprofit organizations interested in learning more about the city's 2018 Community Services and Arts Grants Program to a meeting on Wednesday, September 27 at 12 p.m.
Sept. 27: Info Session for Nonprofits Seeking City Grants
The Santa Clarita Valley Economic Development Corporation has published an ebook free to entrepreneurs titled '10 Characteristics of a Successful Startup.'
SCVEDC’s 10 Characteristics of a Successful Startup
A Lebec woman charged with murder and kidnapping the children of her half-sister was sentenced 13 years in state prison on Tuesday.
Murder, Kidnapping Suspect Pleads Guilty, Gets 13-Year Sentence
Crime Prevention Unit deputies from the Santa Clarita Valley Sheriff's Station conducted probation searches in several locations Wednesday, and arrested two people for outstanding warrants.
SCV Deputies Arrest 2 in Neenach Probation Search
Deputies from the Santa Clarita Valley Sheriff's Station wrote 48 citations during Tuesday's bicycle and pedestrian safety operation in Newhall.
SCV Deputies Write 48 Citations in Bike-Pedestrian Operation
California Governor Jerry Brown has until October 15 to sign bills passed at the end of the just-concluded legislative session, including measures authored by Assemblyman Dante Acosta (R-Santa Clarita).
Brown Signs Acosta Motorcycle License Law; Other Bills Await Action
Santa Clarita-based Princess Cruises has presented its first donation from the Princess Animal Welfare Sponsor to the Alaska Wildlife Conservation Center in the amount of $25,000.
Princess Cruises Donates $25K to Alaska Wildlife Conservation Center
Habitat for Humanity San Fernando/Santa Clarita Valleys has become one with its sister organization Homes 4 Families, and the new organization continues its mission to build affordable housing for veterans.
Habitat SFV-SCV Changes Name to Homes 4 Families
Governor Edmund G. Brown Jr. announced today that Patricia Espinosa, Michael Bloomberg and Anand Mahindra will co-chair the Global Climate Action Summit from September 12-14, 2018 in San Francisco.
Brown Names Co-Chairs of 2018 California Global Climate Action Summit
The Master’s University men’s golf team finished tied for sixth out of 12 teams overall with a 3-over 579 at the CA State Intercollegiate in Ventura Monday.
Master’s Men’s Golfers Middle at Cal State Intercollegiate Match
After dropping the night’s opening set, the Master’s volleyball team slammed down the pedal and refused to let up, beating the University of Antelope Valley 3-1 Tuesday night.
TMU Volleyball Team Sends UAV Pioneers Packing
California’s largest irrigation district on Tuesday rejected funding a contentious $17-billion water project that would replumb the West Coast’s largest estuary.
Major Water District Throws Wrench Into California’s Water Tunnels Plan
California State University, Northridge’s College of Engineering and Computer Science and the David Nazarian College of Business and Economics will co-host the fifth annual Art of Innovation Conference on Friday, Oct. 13 from 8:15 a.m. to 1 p.m.
Oct. 13: CSUN ‘Art of Innovation’ Conference Peers Into Future
Tickets are now on sale for James Hand with the Carolyn Sills Combo on Saturday, September 30 and INCENDIO in Concert! on Saturday, October 7, both groups appearing at The MAIN in Old Town Newhall.
Tickets on Sale for Upcoming Shows at The Main
California Attorney General Xavier Becerra today filed suit against the Trump Administration over its plan to begin construction of border wall projects in San Diego and Imperial Counties.
California AG Sues Feds Over Proposed Border Wall
State schools chief Tom Torlakson, AG Xavier Becerra and Sacramento Mayor Darrell Steinberg will lead a 'Beyond Safe Havens' panel discussion on Friday on how to help students and parents fearful about federal immigration policies.
Sept. 22: ‘Beyond Safe Havens’ Conference on Schools and Immigration
1954 - C-46 cargo plane crashes at Saugus Drunk Farm; Civil Air Patrol chaplains parachute to safety [story]
On the heels of releasing its draft environmental impact report (EIR) for the Lyons Avenue and Dockweiler Drive extension, the city of Santa Clarita is setting its sights on an alternative that would leave Lyons Avenue alone and filter traffic to Railroad Avenue via 13th Street.
City Eyeing Alternative to Lyons Extension
Los Angeles County Supervisor Kathryn Barger is hosting the inaugural Santa Clarita Valley Transportation Summit.
Sept. 21: Santa Clarita Valley Transportation Summit
Preview of Santa Clarita arts-related events for Sept. 18-24.
Sept. 18-24: Santa Clarita Arts Calendar
State Superintendent of Public Instruction Tom Torlakson strongly encourages sixteen- and seventeen-year-old students to pre-register to vote with the beginning of High School Voter Education Weeks from September 18–29.
Sept. 18-29: High School Voter Education Weeks
No. 20 College of the Canyons will host No. 11 Long Beach City College at 6 p.m. Saturday, Sept. 23, at Cougar Stadium.
Sept. 23: Cougars Football Hosts Long Beach City College
College of the Canyons hosted its annual Western State Conference (WSC) tournament a on Monday, coming away with a second place finish behind conference leader Santa Barbara City College at El Cariso Golf Course in Sylmar.
Cougars Golf Takes Second Place at COC Annual Tournament
A potential water rate hike prompted Santa Clarita Water Division officials to call for a public meeting Tuesday evening for its Budget and Rates Committee.
SCWD to Discuss Possible Water Rate Hike at Public Meeting
California State University, Northridge art history professor and archeologist Owen Doonan was honored earlier this year by the Explorers Club — an international multidisciplinary professional society that helps advance field research and preserve exploration — for his international excavations in Turkey and a related exhibition, “Stone Sounds: Echoes from 4000 Years at Sinop Kale.”
CSUN Professor Honored by Explorer’s Club
The California State University has selected 23 students, one from each campus, to receive the 2017 CSU Trustees’ Award for Outstanding Achievement.
CSUN Mechanical Engineering Student One of 23 Recognized by CSU
A group of Newhall School District parents upset the elementary school calendar doesn’t match up to the high school one plan to attend this week’s board meeting, continuing a “walk-out” threat.
NSD Parents Upset Over School’s Calendar; Threaten Walk-Out
Six Flags Magic Mountain's biggest season of Fright Fest, presented by Snickers, reopened Saturday.
Magic Mountain Fright Fest Back, Bigger Than Ever
Child pornography resulted in a six-month jail sentence for a Santa Clarita man Monday, officials said.
Santa Clarita Man Suspected of Child Pornography Pleads No Contest