Home Prices The Lowest They've Been In Nine Years
By Leon Worden/SCVNEWS.com
One-hundred eight months.
Not since December 2002 were single-family home prices in the Santa Clarita Valley as low as they were in November 2011.
The median price of a single-family home in the SCV bottomed out – one can hope – at $340,000 in November, down from $364,000 in October and $415,000 one year earlier, according to data released Monday by the Southland Regional Association of Realtors.
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Condos hit a nine-year low two months ago to a median price of $195,000, fell further in October to $186,900 and ticked back up in November to $199,900 – still the lowest they’ve been in nine years except for an aberrational dip in March 2009.
There was some good news for Realtors in November as more single-family homes changed hands. A total of 198 single-family homes closed escrow in November, 12.5 percent more than October’s 176 and 33.8 percent more than the 148 that traded in November 2010.
The opposite was true in the SCV’s condominium market. Just 65 condos closed escrow in November, down from 85 in October and 82 a year earlier.
It’s a buyer’s market, and single-family home shoppers seem to be getting that message, said Sal Aranda, president of SRAR’s SCV division.
“Families that want to own a home are pursuing remarkable opportunities,” Aranda said in a statement.
Association CEO Jim Link said the SCV’s affordable prices, desirability and “relatively strong local economy” are helping stabilize the housing market.
“Despite the many challenges facing the housing market, the strong pace of activity in Santa Clarita is very encouraging,” he said.