header image

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

Inside
Weather


 
Calendar
Today in
S.C.V. History
March 19
1875, 1:35PM - Outlaw Tiburcio Vasquez hanged in San Jose [story]
Tiburcio Vasquez


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


Latest Additions to SCVNews.com
1875, 1:35PM - Outlaw Tiburcio Vasquez hanged in San Jose [story]
Tiburcio Vasquez
College of the Canyons notched its first victory at the newly named Mike Gillespie Field on Saturday, winning its second straight conference series, this time over visiting Bakersfield College, by a 6-4 final score. 
Cougars Notch First Win at Mike Gillespie Field
MIAMI GARDENS, Fla. -- The Master's University hit 20 3-pointers, one shy of the program record in a game, to defeat the St. Thomas Bobcats 122-91 in the second round of the National Association of Intercollegiate Athletics Men's Basketball National Championship tournament.
Mustangs Advance to NAIA Sweet 16
The Master's University baseball team lost a pair of 1-run games Saturday against the Menlo Oaks in Atherton, Calif.
Mustangs Drop Three Games to Menlo
The Los Angeles County Development Authority is excited to announce that its executive director, Emilio Salas, has been appointed to a two-year term to serve as a member of the national Strategic Planning Advisory Committee for the National Association of Housing and Redevelopment Officials (NAHRO).
LACDA’s Emilio Salas Appointed to National Planning Advisory Committee
The 28th Annual Santa Clarita Cowboy Festival is back with your favorite musical performers and an exciting lineup of new acts.
Santa Clarita Cowboy Festival Live Music Performers Announced
REDLANDS — College of the Canyons track and field recorded a dozen top-10 finishes and established 30 new personal records while competing at the University of Redlands Invitational on March 15. 
Cougars Earn Top-10 Finishes at Redlands Invitational
There is so much to learn from different customs and cultures and you don’t need a plane ticket to experience it all.
City’s 2024 ‘Celebrate’ Lineup Released
Big Chicken, the star-powered fast casual chicken concept, which has a location in Santa Clarita, is fueling the mania for the Big Tournament with a nationwide Big Bracket Challenge.
Compete for Chance to Open Shaquille O’Neal Chicken Restaurant
California State University, Northridge’s Spring 2024 Cinematheque series will pay tribute to Hollywood casting director and producer Deborah Aquila, executive vice president and head of casting at Paramount Television Studios and CBS Studios, to mark the end of Women’s History Month on Wednesday, March 27.
Legendary Casting Director Deborah Aquila to Speak at CSUN
On Friday, March 22, the Uniquely Abled Academy (UAA) at College of the Canyons will host a graduation ceremony for nine students who have completed the UAA’s pilot robotics training program.
March 22: COC’s Uniquely Abled Academy Robotics Graduation
The Los Angeles County Department of Parks and Recreation is excited to announce spring has sprung at its local parks, including those in the Santa Clarita Valley.
L.A. County Parks Releases Spring Jubilee Dates
The city of Santa Clarita’s Film Office released the list of six productions currently filming in the Santa Clarita Valley for the week of Monday, March 18 - Sunday, March 24.
‘Bosch Legacy,’ ‘CSI Vegas’ Among Six Productions Filming in SCV
Unlike our children who enjoy a week-long spring break, we adults no longer have that luxury.
Ken Striplin | Register Now for Spring Break Camp 2024
The Los Angeles County Department of Public Health cautions residents who are planning to visit the following Los Angeles County beaches to avoid swimming, surfing and playing in ocean waters due to bacterial levels exceeding health standards when last tested.
Ocean Water Advisory Continues for L.A. County Beaches
The California Department of Motor Vehicles now offers a faster way for businesses to check that their employees have clean driving records using the new online Employee Pull Notice (EPN) Service.
DMV Launches Enhanced Digital Employer Pull Notice Service
1919 - Fire destroys abandoned second Southern Hotel, built 1878 in Newhall (corner Main & Market) [story]
Second Southern Hotel
1927 - Newhall telephone exchange, est. 1900, now serves 100 phones [story]
telephone
2003 - Lifesize sculpture honoring heroes of St. Francis Dam disaster unveiled in Santa Paula [video]
The Warning
In the first of three matches on consecutive nights in Arizona, The Master's men's volleyball team defeated Benedictine-Mesa in three sets 27-25, 28-26, 25-19.
TMU Men’s Volleyball Sweeps Benu in Arizona
Greg Herrick, the former longtime College of the Canyons women's basketball head coach who recorded 611 career wins while winning 16 conference titles, was inducted into the California Community College Women's Basketball Coaches Association (CCCWBCA) Hall of Fame during the organization's annual Banquet of Champions at Mt. San Antonio College on March 13.
Longtime COC Women’s Basketball Coach Herrick Enshrined in Hall of Fame
The Santa Clarita Planning Commission will hold its regular meeting Tuesday, March 19, at 6 p.m. in City Council Chambers City Hall, 23920 Valencia Blvd. 1st Floor, Santa Clarita, CA 91355.
March 19: Planning Commission to Discuss Wiley Canyon Mixed Use Project
Attend the city of Santa Clarita's most unique egg hunt, the Splash N’ Dash at the Santa Clarita Aquatics Center, presented by Kaiser Permanente.
March 30: Dive into Spring at Splash n’ Dash Egg Hunt
String orchestras and concert bands from around the Santa Clarita Valley and Southern California will participate in the Southern California School Band & Orchestra Association concert festival hosted by West Ranch High School on Tuesday, March 26 and Wednesday, March 27, 10 a.m.-9:30 p.m.
March 26-27: SoCal School Band, Orchestra Concert Festival
SCVNews.com