A total of 277 single-family homes changed owners during April in the Santa Clarita Valley as the tight inventory rose to its highest level in five months, though remained well below year-ago totals, the Southland Regional Association of Realtors reported Thursday.
The 277 sales were 66.9% higher than a year ago as the local, state, and national residential real estate markets struggled with the full impact of pandemic-related stay-at-home orders and business shutdowns.
Realtors also assisted the close of escrow of 96 condominiums, an increase of 54.8% from a year ago, though down 13.5% from this March.
“Demand for housing remains high throughout Santa Clarita with many homeowners realizing that selling now would attract highly favorable offers and a quick sale,” said Nicole Stinson, chair of the Santa Clarita Valley Division Council of the Southland Regional Association of Realtors. “Today’s low-interest rates on home loans can offset some of the impact of rising prices fueled by a tight inventory.”
The total of 242 active listings reported at the end of April was the highest in five months but was 41.0% below a year ago and well short of what is needed to satisfy demand.
“Even with the slight rise in supply, the inventory for the tenth consecutive month was less than a one-month supply, with April unprecedented low,” said Tim Johnson, the Association’s chief executive officer. “Given the heavy, pent-up demand for housing, it’s unsurprising that prices keep rising.”
The record-low 0.6% supply at the current pace of sales compares to the 3.7% average monthly inventory reported over the last 13 years. Fueled by heavy demand, low-interest rates, and limited properties listed for sale, the median price of the 277 homes that changed owners during April rose to a record $795,000, an increase of 26.2% from a year ago.
The condominium median price of $435,000 was up 13.0%, but was 6.5% below the March median of $465,000, the record high. Even with the tight inventory, sales are expected to remain strong over the coming months. There were 390 open escrows at the end of April, an increase of 105.3% from the pandemic-depressed tallies of April 2020.
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.
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