header image

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

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
83°F
 
Calendar
Today in
S.C.V. History
October 31
1923 - Newhall Chamber of Commerce petitions state to pave Spruce Street (now Main); it happens three years later [story]
Spruce Street


Condominiums sold during May in the Santa Clarita Valley had a median price of $370,000, up 5.9 percent over a year ago and only the second time the median hit or exceeded that benchmark since the housing boom of the last decade, the Southland Regional Association of Realtors reported Thursday.

The condo median price for May also was 6.9 percent below the record high of $397,000 set in January 2006. Only the condo median price of $372,000 reported in September was higher than the May median.

“Affordability issues drive buyers to condominiums, which remain the best way to grab onto the first rung of the housing ownership ladder,” said Marty Kovacs, chairman of the Santa Clarita Valley Division of the Southland Regional Association of REALTORS®. “It’s the best, and in some cases the only, way to get into the market — start with what you can afford.”

Yet Kovacs acknowledged that rising prices driven in part by a severe lack of inventory deplete the pool of prospective buyers who can afford even a condominium.

“It’s very much like a holistic health problem,” Kovacs said. “You can’t cure the housing crisis by pointing to any single issue. It’s very complex. You have to treat a full range of concerns: affordability, income, property taxes, along with the stark lack of inventory.”
For example, Kovacs said, lending regulations tightened in the wake of the housing meltdown of last decade reduced the risk of defaults. Yet he believes it is more difficult to land a loan today than at any time since he purchased his first home in 1969.

“Let’s stop these disastrous regulatory swings from one extreme to the other,” he said, “and get it back to a middle ground that benefits homebuyers.”
REALTORS® helped close escrow on 107 condominium sales during May, up 5.9 percent from the prior year, and 246 single-family homes, down 2.4 percent from May 2016. Both condos and home sales were up from this April, posting seasonal month-to- month increases of 32.1 percent and 28.1 percent, respectively.
“It’s difficult to ease pressure on prices with so many buyers chasing so few properties listed for sale,” said Tim Johnson, the Association’s chief executive officer.

Johnson noted that there were 484 active listings at the end of May, which was down 4.3 percent from a year ago. That represents a mere 1.4-month inventory at the current pace of sales when a minimum 3-month supply is needed and a 5-month supply—the historical average—would be ideal.
The median price of single-family homes sold last month was $560,000. That was up 1.8 percent over a year ago and 0.9 percent ahead of this April. It was 12.9 percent below the record high of $643,000 set in April 2006 and the third time the median hit $560,00, including January and July. The highest home median price reported since last decade was $575,000, which came in June 2016.
Pending escrows—a measure of future sales activity— totaled 423 combined residential transactions, up 5.2 percent from a year ago.

Of the 353 combined home and condo transactions reported during May, 96.6 percent were standard sales, 1.7 percent were short sales, and 1.4 percent were foreclosure- related transactions, referred to as REOs. There were zero condominium REOs and only one condo short sale during May.

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


Latest Additions to SCVNews.com
1923 - Newhall Chamber of Commerce petitions state to pave Spruce Street (now Main); it happens three years later [story]
Spruce Street
Melody Ranch is once again suing Placerita Canyon Corp., a mutual-benefit corporation that owns and operates an electronic gate in Placerita Canyon to prevent thru traffic from entering the Newhall enclave.
Melody Ranch Files 2nd Lawsuit Over Placerita Canyon Gate
The Los Angeles County Department of Public Health on Friday confirmed 20 new deaths and 1,296 new positive cases of COVID-19 in the past 24 hours, with 39 new cases reported in the Santa Clarita Valley.
Friday COVID-19 Roundup: L.A. County Cases Total 306,327, with 7,306 in SCV
The California Highway Patrol celebrated a socially distanced graduation ceremony for its 77 new officers who graduated with more hands-on experience than any class in Academy history.
CHP Welcomes New Officers with Real-Life Experience
The city of Santa Clarita announced the third and final edition of the family-friendly Parks Passport Adventure which is set to run throughout the month of November.
Santa Clarita Announces Final Parks Passport Adventure
Governor Gavin Newsom visited Valencia Friday to announce the opening of an innovative new laboratory built by PerkinElmer that will increase California’s COVID-19 testing capacity, reduce test turnaround time and create hundreds of new California jobs.
Newsom in Valencia as PerkinElmer Opens New COVID-19 Testing Lab
For the second year in a row, College of the Canyons will host an International Forum on Youth on November 16-19, 2020.
Nov. 16-19: COC to Host International Forum on Youth
The Southern California football community is mourning the loss of Jim Bonds, 51, a former Hart High School and UCLA quarterback who died on Wednesday after a battle with multiple myeloma.
Former Hart High QB Jim Bonds Dies at 51; Football Community Mourns Loss
It was double, double, toil and trouble as All Hallow's Eve neared in the Santa Clarita Valley, with residents continuing to provide Halloween haunts around every corner in the midst of the pandemic.
SCV Continues to Scare Up its Halloween Haunts
The Saugus Union School District board voted Tuesday night to suspend its child development program due to constraints placed on the district by the COVID-19 pandemic.
Saugus School District Suspends Child Development Program
A Santa Clarita man and his Northridge-based business partner were arrested on federal charges Thursday in a relief fraud case alleging the two fraudulently obtained more than $1.95 million in Paycheck Protection Program loans.
Santa Clarita Man Arrested in $1.9M COVID-19 Relief Fraud Case
A Los Angeles County assessor’s report on all 88 cities in Los Angeles County showed Santa Clarita property continues to be among the county’s most valuable.
Santa Clarita Property Valued at $37.2B, 5th on County List of Cities
1984 - NTSB revises probable cause of 1982 "Twilight Zone" deaths after director John Landis appeals [story]
John Landis
The Los Angeles County Department of Public Health confirmed Thursday 19 new deaths, including the 74th death in the Santa Clarita Valley and 1,745 new cases of COVID-19, including 7,267 total cases in the Santa Clarita Valley.
Thursday COVID-19 Roundup: 74th SCV Death; Local Cases Total 7,267
The city of Santa Clarita will be holding a public hearing at the Tuesday, Nov. 10, City Council meeting to consider the transfer of 32,230 square feet of vacant land, at no cost, to Family Promise of Santa Clarita Valley (FPofSCV).
Nov. 10: Public Hearing to Consider Property Transfer to Family Promise
Are you ready to save the day and bring outlaws to justice in a virtual escape room? Are you and your family ready to test your knowledge on Tacos & Trivia Night?
City Announces November Virtual Events
The College of the Canyons Art Gallery will present a public artist talk with Brooke Sauer to accompany her solo virtual exhibition “Out in the Blue” Monday, Nov. 9, at 2:30 p.m.
Nov. 9: COC Art Gallery Hosting Public Artist Talk with Brooke Sauer
The Santa Clarita Artists Association held its 31st Annual Art Classic virtually on Oct. 17, 2020.
SCAA Releases Art Classic 2020 Winners List
A gunshot victim survived his injuries and the suspect remained at large Thursday following a shooting near a liquor store in Canyon Country Wednesday night.
Suspect in Canyon Country Shooting Still at Large
Join the Santa Clarita Valley Groundwater Sustainability Agency (SCV-GSA) on Wednesday, Nov. 4, at 4:00 p.m., to learn about and to provide input on plans to sustain our water supply.
Nov. 4: SCV Groundwater Sustainability Plan Online Workshop
The California State University Board of Trustees has appointed Erika D. Beck, Ph.D., to serve as president of California State University, Northridge. Beck currently serves as president of California State University Channel Islands.
CSUN Appoints Erika D. Beck as Next President
LASD Urges Community to Plan for Safer Halloween, Día de los Muertos Alternatives
LASD Urges Community to Plan for Safer Halloween, Día de los Muertos Alternatives
SACRAMENTO – Californians age 70 and older with a noncommercial driver’s license are now eligible to renew online or by mail, eliminating the need to visit a California Department of Motor Vehicles office.
Seniors Can Now Renew Driver’s Licenses Online
1932 - Highway 99 completed through Weldon Canyon, bypassing Ridge Route [story]
Hwy 99
%d bloggers like this: