Local REALTORS facilitated the close of escrow on 3,286 homes and condominiums during 2022 even as interest rates on home loans increased, which triggered a sharp rise in the number of active listings to the highest level in three years, the Southland Regional Association of REALTORS reported today.

The sales tally was down 30.8 percent from a year ago.

“Sellers are slowly coming to grips with the fact that current market realities mean they need to be flexible in their pricing, willing to offer concessions and willing to consider repairs or improvements requested by buyers,” said Anthony Bedgood, the 2023 chairman of the Santa Clarita Division of the 11,000-member Southland Regional Association of REALTORS.

The 3,286 closed escrows generated $2.7 billion for the local economy along with millions more in home repairs, landscaping, and furniture investments spent by new buyers.

The Association reported a total of 419 active home and condominium listings at the end of December. That was up 43.4 percent from a year ago, though still below the 483 listings of 2019 and the 761 listings of December 2018. At the current pace of sales, the 419 listings represented a 2.4-month supply.

“Buyers are still out there, and sales are still happening, though it takes longer than just a short while ago,” said Paul Cauchi, the Association’s chief executive officer. “A year ago it took about 26 days for a home to receive a purchase offer,” he said. “During December the days on the market average came in at 43 days.”

The median price of single-family homes that closed  escrow during December was $799,000. That was down 1 percent from a year ago.

The median price of condominiums that changed owners in December was $540,000, up 11 percent over December 2021. Pending sales, a leading indicator of future closed escrow activity, was down 62 percent from a year ago December with 92 home and condo pending escrows.