Realtors helped close escrow during July on 215 single-family home sales and 90 condominiums throughout the Santa Clarita Valley, the Southland Regional Association of Realtors reported Friday.
The home total was down 3.2 percent from a year ago and off 22.7 percent from this June, which was the highest monthly total of 278 sales for any month so far this year. Both drops also were influenced by seasonal factors as well as affordability and a lack inventory of homes listed for sale.
The 90 condominium closed escrows were down 31.8 percent compared to July 2017 and off 12.6 percent from this June. July 2017’s 132 condo sales total was the highest for any month since September 2005.
The median price of homes that closed escrow during July was $600,000, up 2.6 percent from a year ago, yet off 1.6 percent from this June’s $610,000 median.
All records in Santa Clarita that were set in the boom of last decade have fallen — except the home median price. The record high home price of $643,000 was reported in April 2006.
“Price points are getting so high regionwide that affordability may be key when it comes to slow sales, perhaps even more so than a lack of inventory,” said M. Dean Vincent, chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors.
“As prices move higher, some homeowners may decide that now is an opportune time to sell. “I’m hearing more and more from retirees or people thinking of moving out of state to find lower cost housing elsewhere that they want to decide soon,” Vincent said. “Current economic trends—rising interest rates along with a short
inventory—may prompt a decision.”
Condominiums that changed owners in Santa Clarita during July had a median price of $379,000. That was up 5.9 percent from a year ago, yet 7.6 percent below the record high $410,000 condo median established this April.
“Prices are up, because inventory is low and housing production is minuscule compared to what is needed to establish and maintain a healthy and affordable housing market,” said Tim Johnson, the Association’s chief executive officer. “No doubt, tenants struggle to pay premium rents, yet any movement toward rent control will only make the situation worse.”
There were 672 active listings at the end of July. That was up 29.2 percent from a year ago, representing a 2.2-month supply at the current pace of sales.
It also was the second consecutive monthly increase in the inventory after three and a half years of consecutive monthly declines, with only a few positive numbers in the mix.
The 672 listings posted in July were up 29.2 percent from a year ago and the highest monthly tally since 2015—though way short of the record high active listing total of 2,630 reported in September 2006.
There were 308 pending escrows, a measure of future sales activity, at the end of July, which was down 16.8 percent from a year ago.
And, there were zero condominium short sales or foreclosure-related transactions during July, and only one in each category for single-family homes.
That means that 98.7 percent of the combined residential sales of 305 transactions were standard sales involving traditional buyers and sellers.
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.
On Friday, the California Department of Public Health released updates to the state’s Blueprint for a Safer Economy reopening framework focused on activities that can be conducted outdoors with consistent masking which will take effect April 1.
The Newhall School District announced Friday the implementation of the first Junior Kindergarten program in the Santa Clarita Valley which will offer students who turn five years old between July 1 and Sept. 1 the opportunity to enroll in school and enjoy the benefits that both Transitional Kindergarten (TK) and Traditional Kindergarten currently provide.
Rep. Mike Garcia, R-Santa Clarita, has sponsored a new bill that would prohibit the use of federal funds to pay for California’s high-speed rail project, a section of which could run along Highway 14 in the Santa Clarita Valley.
Santa Clarita City Council members are set to discuss in a closed session Tuesday their ongoing legal battle with property owner Canyon View Limited over the 2.5 acres of solar panels on a Canyon Country hillside.
College of the Canyons proudly welcomes composer/lyricist, conductor, pianist and music producer Georgia Stitt to the School of Visual & Performing Arts’ Virtual Industry Insight Series on Wednesday, March 10.
Valencia-based Lundgren Management was honored to be selected by the El Camino Community College District as one of three firms providing on-going construction management services for the next five years.
It’s not how far you go…it’s what happens along the way! The Incredible Chase, the city of Santa Clarita’s socially distanced take on the hit CBS show “The Amazing Race,” is a brand-new competition taking place in May 2021.
For a three-day period starting Tuesday, the William S. Hart Union High School District football players took their first COVID-19 tests as part of the requirements for them to begin full-contact play.
Ken Farley, W. M. Keck Foundation professor of Geochemistry, Division of Geological and Planetary Sciences and the project scientist for the Mars 2020 mission, continues the 2020–2021 Watson Lecture season with a talk about, “Perseverance on Mars," Wednesday, March 10, at 5:00 p.m., via Zoom.
Santa Clarita LLC, which owns the undeveloped 900-plus-acre Whittaker-Bermite site, recently filed for voluntary bankruptcy, and is working to sell it to a global industrial real estate company for possible commercial and residential development, officials said Wednesday.
William S. Hart Union High School District governing board members Wednesday discussed a potential March 29 start date for junior high and high school in-person instruction, provided the number of L.A. County COVID-19 cases continues to decline.
Because of the recent rainfall, Los Angeles County Health Officer, Muntu Davis, MD, MPH, is cautioning residents that bacteria, chemicals, debris, trash, and other public health hazards from city streets and mountain areas are likely to contaminate ocean waters at and around discharging storm drains, creeks, and rivers after a rainfall.
This week, State Superintendent of Public Instruction Tony Thurmond announced the kickoff for the “California Digital Divide Innovation Challenge,” a global competition that will award up to $1 million to the boldest, most revolutionary proposals to eliminate the digital divide and expand high-speed internet access to all Californians.