header image

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

Inside
Weather
Santa Clarita CA
Clear
Clear
65°F
 
Calendar
Today in
S.C.V. History
June 29
1978 - Original Colossus coaster opens at Magic Mountain [watch it being built]
Colossus under construction


October home sales and condominium sales soared during October in the Santa Clarita Valley as pent-up demand from the COVID-19 pandemic and low-interest rates prompted buyers to jump into the market, yielding activity well above last year’s tepid market, the Southland Regional Association of Realtors reported on Monday.

A total of 299 single-family homes changed owners last month, a figure that was 56.5% higher than October 2019. October home sales were 11.6% higher than the September tally, which in itself wiped out the steep downturn caused by the economic lockdown and stay-at-home orders.

Similarly, 107 condominiums closed escrow last month, up 39.0 percent from October 2019, but down 18.9 percent from September.

“At the moment, there simply are not enough properties listed for sale to satisfy a voracious demand,” said Louisa Henry, the 2020 chair of the Santa Clarita Valley Division of SRAR. “Santa Clarita is a highly desired destination for families, especially if they know they no longer need to every day make a drive to a distant workplace. But we simply do not have enough properties listed for sale.”

The Association reported a total of 344 active listings, a tally that was down 26.3% from a year ago — which even in 2019 was touted as a dire shortage — and less than a one-month supply at the current pace of sales. It was the fourth consecutive month where a 0.8-month supply was reported, The record low inventory of 293 listings was reported in December.

“Even with steadily rising home prices, today’s historically low-interest rates combined with a renewed interest in homeownership overcame the pandemic plunge of earlier this year and will keep the market moving even as cold weather and the holidays approach,” said Tim Johnson, the association’s chief executive officer. He noted that October ended with 436 open escrows pending — an increase of 61.5% over a year ago.

The median price — meaning half sold for more and half for less — of homes that changed owners last month in Santa Clarita was $695,000, up 13.9 percent from the prior year.

The condominium median price of $440,000 was up 4.8 percent, which tied the record high set this June.

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
1978 - Original Colossus coaster opens at Magic Mountain [watch it being built]
Colossus under construction
1926 - Film director Mel Brooks born in Brooklyn; shot "Blazing Saddles" at Vasquez Rocks and "Robin Hood: Men In Tights" in Sand Canyon [story]
Mel Brooks
1542 - Explorer Juan Cabrillo sets sail from Mexico; will stop for a drink at mouth of Santa Clara River [story]
1650 map
1972 - Upper (main) Castaic Lake opens for swimming and boating; afterbay opened in May [story]
Castaic Lake
1859 - Outlaw Tiburcio Vasquez escapes from prison while serving sentence for grand larceny in L.A. County; recaptured in August and sent to San Quentin [story]
Tiburcio Vasquez
SCVNews.com
%d bloggers like this: