Fueled by falling interest rates, rising inventory, and flat resale prices, sales during April of existing homes and condominiums throughout the Santa Clarita Valley improved on the strong showing posted in March, the Southland Regional Association of Realtors reported Tuesday.
A total of 214 single-family homes changed owners in April; that was up 12.0 percent from the prior year and, following seasonal surges, 27.4 percent higher than March.
It was the first year-to-year increase in five months and only the second going back to January 2018.
Realtors also helped closed escrow on 104 condominiums during April, up 9.5 percent from 2018 and 26.8 percent ahead of this March. It was the first month to break the 100-sale benchmark going back to August and only the fourth since July 2017.
“Santa Clarita is so desirable that it often sells itself, so buyers just needed to believe they had a real shot at owning a home,” said Amanda Etcheverry, the 2019 chair of the Santa Clarita Division of the Southland Regional Association of Realtors. “Four months of falling interest rates on home loans, combined with a growing inventory, and sellers willing to negotiate, did the trick.”
The median price of homes that changed owners last month came in at $608,200, up 3.4 percent from April 2018 and off 0.9 percent from the March median price. Unlike most other Southern California communities, Santa Clarita has yet to break its record high home median of $643,000 set last decade in April 2006.
So far this real estate cycle, the local median home price has peaked at $615,000 in May 2018, but has bounced around under it ever since.
The condominium median price for April of $410,000 matched the record high of April 2018.
“Flat or soft resale prices are the product of the market doing its job, reflecting the reality of buyer resistance and limitations,” said Tim Johnson, the Association’s chief executive officer.
“But with rates unexpectedly lower than anticipated along with more active listings to choose from and flat home prices,” he said, “buyers will continue to be tempted to take advantage of this window of opportunity.”
The Association listed at the end of April a total of 600 active listings throughout Santa Clarita. That was up 25.8 percent from a year ago and represented a 1.9-month supply at the current pace of sales.
It was the 11th consecutive month that the listing total came in higher than the prior year, suggesting a shift in attitude by homeowners, a willingness to sell.
Not surprisingly, there were very few distressed sales culminated in April. Of the total 318 condo and home transactions, 309 or 97.2 percent were standard sales involving traditional buyers and sellers.
There were only two foreclosure-related home sales, 0.6 percent of the total, and three short sales—two homes and one condominium—where a lender agreed to a sale price that was less than the outstanding loan balance.
Pending sales, a measure of future market activity, had 326 open escrows at the end of the month, down 3.0 percent from April 2018.
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 Valley Chamber of Commerce Board of Directors on Thursday announced its 2020 Executive Committee, which will help lead the Chamber as it begins a new decade and looks to its centennial in 2023.
The city of Santa Clarita and the Santa Clarita City Council invite residents to celebrate the holiday season with their friends and neighbors as the Jingle Bell Jamboree returns to the Newhall Community Center on Friday, December 20, from 6 p.m. to 8 p.m.
For his exceptional contributions to advancing open education around the world, James Glapa-Grossklag, Dean of Learning Resources at College of the Canyons, received the President’s Award for Excellence at the 2019 Open Education Global Conference.
The Selection and Interview Committees of the Santa Clarita Veteran Services Collaborative has chosen local veteran Ernesto Trevizo, his wife Alyssa, and their two children, Sonny and Zachary, as the recipients of a new home valued at $500,000.
Starting Jan. 11, most Santa Clarita businesses will see a nearly 40% increase to their monthly waste-disposal services amid global changes to the recycling industry that are prompting waste-management companies to ask for trash rate adjustments.
The process for how local organizations receive grant funding for arts programs and services for the community from the city of Santa Clarita could soon change with the implementation of a peer panel with outside arts experts.
The Nov. 14 Saugus High School shooting, the shootout in New Jersey and even the reported sighting of a man dressed like the Grim Reaper near a local synagogue, prompted sheriff’s Capt. Robert Lewis to invite Jewish leaders for a sit-down chat Thursday to discuss concerns and reassure them that safety remains his top priority.
The city of Los Angeles sued the Federal Aviation Administration on Thursday over a shift in flight patterns for planes departing Hollywood Burbank Airport that has dramatically increased noise levels for residents and businesses.
Dozens of carolers’ voices filled the streets neighboring Duane R. Harte Park in honor of Gracie Muehlberger, a victim of the Saugus High School shooting, during the “Caroling with Gracie” event that spread holiday cheer while also giving back to students in need.
Two Los Angeles County sheriff's deputies pleaded not guilty Thursday to felony charges that they filed false reports and committed perjury relating to traffic stops made in the Santa Clarita Valley in 2016.
The weather in the Santa Clarita Valley in December is usually crisp with plenty of warm sun. Now is a great time to set up a plan to maintain your landscape through the winter or make a big change for the new year – like removing your lawn in favor of more colorful and water-efficient alternatives.
A man identified by investigators as the driver of a Ferrari that slammed into a utility pole on Bouquet Canyon Road early Thursday morning, injuring himself and knocking down the pole, has been cited and released by sheriff’s deputies.
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