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.