The median price of condominiums sold during October in the Santa Clarita Valley tied the record high, while home and condo sales increased, and the inventory of properties listed for sale fell for the fourth consecutive month, the Southland Regional Association of Realtors reported Friday.
The condo median price of $420,000 matched the record reported in August and was 5.0 percent higher than a year ago. Five of the last seven months have seen a condominium median price above the $400,000 benchmark.
The single-family home median price was $610,000, up 2.5 percent from October 2018. The record high of $643,000 that was set in April 2006 has yet to be surpassed.
“Today’s incredibly low interest rates on home loans keep sales moving and help offset some of the impact of rising prices,” said Amanda Etcheverry, chair of the Santa Clarita Valley Division of the Southland Regional Association of
Realtors. “But continued drops in the inventory are worrisome. To satisfy demand and restrain prices, we need more housing.”
There were only 467 homes and condominiums listed for sale at the end of October. That was down 28.7 percent from a year ago for the fourth consecutive monthly decline after 13 consecutive months of increases in the inventory.
For comparison, the record low inventory of 312 home and condo listings was set in March 2013, while the record high of 2,630 active listings came in September 2006.
The 467 active listings represented a 1.7-month supply at the current pace of sales. That is well short of the 11-year average of a 4.1-month supply that would indicate a market that favors neither buyers nor sellers.
“Owners who in generations past would have been selling, now are refinancing or remodeling,” said Tim Johnson, the Association’s chief executive officer. “Buyers are locked out of the market by high prices and low supply while owners are locked in place by California’s severe housing shortage.”
Yet even with constraints, a total of 191 single-family homes changed owners. That was up 9.1 percent from a year ago.
Similarly, Realtors helped close escrow on 77 condominium sales, which were up 5.5 percent from October 2018.
Not surprisingly, of the total 268 escrows closed during October, 99.3 percent were standard sales involving traditional buyers and sellers. Only one transaction was a distress sale — a single-family home that was the result of a foreclosure.
The Southland Regional Association of Realtors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
The Santa Clarita chapter of the American Cancer Society is excited to announce its annual leading fundraiser of the year — Relay For Life - will take place on Saturday, Oct. 2, at the Westfield Town Center Mall, from 11:00 a.m. to 9:00 p.m.
College of the Canyons and the Santa Clarita Environmental Education Consortium, SCEEC, will virtually host the 2021 Green STEM Summit on Saturday, Oct. 9 with the purpose of introducing students to green careers.
State Superintendent of Public Instruction Tony Thurmond announced a vision for ensuring that every California student will learn to read by third grade by the year 2026 during a virtual press conference on Tuesday
In an effort to keep adopted pets from returning to the shelter, the Los Angeles County Department of Animal Care and Control has launched a free online resource center to help pet owners who can no longer keep their pets.
The population of the city of Santa Clarita grew by 22.9% between 2010 and 2020, according to U.S. Census data released Monday that will be used to redistrict boundaries for various political offices in California.
The American Cancer Society Santa Clarita Valley held a Relay Rally at Westfield Valencia Town Center Saturday afternoon to raise awareness about its annual Relay for Life of the Santa Clarita Valley event on Saturday, Oct. 2.
Los Angeles County Public Health officials on Tuesday confirmed 32 new deaths and 1,238 new cases of COVID-19 countywide, with 35,326 total cases in the Santa Clarita Valley. Additionally, Henry Mayo Newhall Hospital officials confirmed one new death bringing the total deaths since the pandemic began to 167.
The Rancho Camulos National Historic Landmark is hosting a series of special activities at “Last Sundays at the Landmark” with a special tribute in honor of Hispanic Heritage Month of the songs of Early California from the del Valle Family of Camulos, set for Sept. 26, from 1:00 p.m. to 4:00 p.m.
City of Santa Clarita Transit officials were forced to temporarily pause two trips on Monday after 20 employees, including bus drivers and call dispatchers, called out of work due to COVID-19-related reasons.
Both classified staff and teachers in the William S. Hart Union High School District voiced their displeasure with the ongoing negotiations regarding employee pay during Wednesday night’s governing board meeting, saying morale is low across the board for site staff.