Realtors helped close escrow on 123 single-family home sales throughout the Santa Clarita Valley during January.
That total was up 8.8 percent over a year ago, though down 37.9 percent, which follows typical seasonal patterns.
It was the highest tally for the month of January since 2014 though well below the peak since the economic recovery began of 265 sales posted in June. The 123 sales also were 69.6 percent below the record high of 405 sales set June 2005.
A total of 69 condominiums changed owners during January, up 25.5 percent over a year ago, but down 17.9 percent from December. The high point since the Great Recession came in June with 127 closed escrows. January’s 69 sales were 66.2 percent below the record high of 204 sales in April 2003.
The median price of the homes sold during January was $560,000, up 5.7 percent from a year ago and 0.9 percent ahead of December. June’s median price of $575,000 was the highest median 10 years, though it was 12.9 percent below the record high of $643,000 established in April 2006.
The condo median price for January was $360,000, up 17.5 percent from January 2016 and 5.9 percent of December. September’s condo median of $372,000 was the high point so far in the recovery. This January’s median was 9.3 percent below the record high of $397,000 set in January 2006.
A total of 433 open escrows were on the MLS at the end of January, down 10.7 percent from a year ago. At the current pace of sales, that represents a 2.3-month supply compared to the 2.9-month inventory of January 2016. The annual average inventory peaked at an 11.2-month supply in 2007, then gradually fell as recovery took hold until bottoming out with an annual average of an 1.7-month supply in 2013. Since then the inventory hovered around a 2.5-month supply for 2014 and 2015 and in 2016 fell to an average 2.0-month inventory, which appears to be the new normal.
Distressed sales? What are those? There were zero condo-distressed sales and only two single-family home short sales along with one REO. Combined, distressed sales accounted for a mere 1.5 percent of the 192 total transactions.