Realtors in the Santa Clarita Valley assisted 2,347 single-family home sales during 2019, an increase of 4.5 percent over the prior year, while prices hit new highs and the inventory plunged, the Southland Regional Association of Realtors reported Tuesday.
It was the first annual increase in home sales after two consecutive years of declining sales.
However, condominium sales of 926 units for the year were down 6.4 percent from 2018, primarily due to a lack of inventory.
The home and condominium annual sales totals negotiated by realtors generated $1.9 billion for the local economy, not including the added impact of related transactions that typically follow many transactions, such as landscaping, home improvement projects, and home furnishing purchases.
“There are still plenty of prospective buyers hunting for a home or condominium in the Santa Clarita Valley,” said Louisa Henry, the 2020 chair of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “Today’s low-interest rates on home loans bring out additional buyers, but the tight inventory was the limiting factor for both home and condo sales last year, a fact that does not appear likely to change in the months ahead.”
The year ended with a record low supply — a mere 293 home and condo active listings throughout the Valley at the end of December. It was the first time that the inventory fell below the 300-listing benchmark.
December also was the sixth consecutive month that listings fell, with the tally down 44.0 percent compared to 2018. For comparison, the record high inventory was set in September 2006 with 2,630 active listings.
“Low interest rates brought additional buyers into the market,” said Tim Johnson, the association’s chief executive officer, “which added upward pressure on prices, especially with the limited supply of homes for sales. “Between limited inventory and sky-high resale prices statewide, we have a housing problem that can best be solved by doing all we can to increase the housing supply,” Johnson said.
The annual price of single-family homes that changed owners throughout 2019 came in at $610,350, which was the highest annual price since the Association started keeping home prices statistics in 1998.
That was 2.7 percent higher than 2018 and the eighth consecutive annual increase in home prices, although the percentage annual change has been getting smaller as rising prices push greater numbers of prospective buyers out of the market.
Similarly, the annual price of condominiums sold during 2019 was $397,792, a record high and 2.0 percent above the prior record set last year.
Like single-family homes, the condominium annual price posted increases in each of the prior eight years, with the largest increase of 33.8 percent reported in 2013 and recent years posting diminishing single-digit increases.
December ended with Realtors assisting the close of escrow on 200 home and 59 condominium sales. The home tally was up 51.5 percent while the condo sales total fell 16.9 percent from the prior year.
The Association’s Income-to-Loan Guide for December showed that a minimum income of $125,635 was needed to buy a median-priced home in the Santa
Clarita Valley. But the income needed actually was down 4.0 percent compared to a year ago, even though the median-priced reported in December 2018 was lower — $587,000 in 2018 compared to $622,000 this December.
The primary reason for the difference was the impact of lower interest rates — the December national average rate for a 30-year, fixed-rate loan was 3.72 percent, while in December 2018 the rate was 4.84 percent.
The December rate yielded a monthly payment of $3,141 — down from $3,273 in 2018 — for principal and interest, the monthly share of property taxes, and the monthly portion of the insurance premium.
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.
Smoke from a brush fire dubbed the Martindale Fire in Bouquet Canyon near the Bouquet Reservoir was visible from areas in the Santa Clarita Valley shortly after the blaze broke out Monday afternoon, quickly burning 200 acres and threatening structures.
The global COVID-19 death toll surpassed 1 million Monday afternoon, a grim milestone in a pandemic that caught much of the world unprepared for a health crisis and left economies reeling, convulsed politics and fundamentally altered the world.
Newhall resident Daniel Bradley, a Vietnam veteran and Gold Star son, had the chance to fly to Washington, D.C., to attend a reception at the White House Sunday to honor Gold Star families and their loved ones who’ve died in service.
Senator Scott Wilk, R-Santa Clarita, advocating for the thousands of constituents still in the queue waiting for their unemployment benefits, is urging Governor Gavin Newsom to rethink a two-week pause on new EDD claims.
William S. Hart Union High School District officials announced Sunday Santa Clarita Valley public junior highs and high schools will not reopen in October, pushing the potential timeline for partial reopening to Nov. 13.
The Los Angeles County Department of Public Health confirmed Friday 34 new deaths and 1,401 new cases of COVID-19, with 6,048 total cases in the Santa Clarita Valley, while Henry Mayo Newhall Hospital reported its 24th COVID-related death to date.
With temperatures in parts of Los Angeles County expected to rise into the triple digits, various public facilities located throughout the County, including Stevenson Ranch Library, will serve as Emergency Cooling Centers.
Foster youth in Santa Clarita have a new, dedicated place to study and receive homework help and tutoring. The local Fostering Youth Independence (FYI) organization has created The Study Place in response to the transition to online learning due to the Covid-19 pandemic.
As part of State Superintendent of Public Instruction Tony Thurmond’s Education to End Hate initiative, California school districts and charter schools have begun applying for mini-grants now available to support educator training in the areas of anti-racism and bias.
With the 2020 SCV Walk to End Alzheimer’s quickly approaching on Saturday, October 3, the planning committee and the California Southland Chapter Alzheimer’s Association would like to update everyone regarding the Walk Day events.
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