SCV Home Prices Post Best Numbers Since Great Recession
COURTESY LEON WORDEN | SCVNEWS.COM
Previously owned single-family homes in the Santa Clarita Valley are commanding the highest prices we’ve seen since the start of the 2008 recession, according to data this week from the Southland Regional Association of Realtors.
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The typical house in Santa Clarita changed hands for $485,000 in May – even with April, and higher than any month since February 2008 when the price was $490,000.
The all-time high came in April 2006 when the average house sold for $645,000. The modern low point came in November and December 2011 when the median price dipped to $340,000.
The median price of an SCV condominium in May was $281,000, well ahead of last May’s $235,000. Condo prices have been rising as summer approaches; at the pace they’re going, condo prices could top last year’s summertime high of $300,000, set in July.
“Santa Clarita is a highly desirable community which is outperforming other regions of the state,” said Jim Link, SRAR CEO. “Even inventory is slowly growing, which expands options for buyers and reflects renewed optimism in the housing market.”
There were 663 active listings on SRAR’s Multiple Listing Service at the end of May, up 74.0 percent over a year ago, the association reported. It was the highest inventory since April 2012 and has been slowly climbing from a recession-low of 312.
Escrow closings were relatively strong for single-family homes; 210 closed escrow in May, up 7.1 percent from May 2013.
Condos were a different story; just 94 closed escrow in May, up from April but down from May 2013 when 103 changed owners.
“Home sales are coming in stronger than expected, which bodes well for the summer home buying season,” said Nancy Starczyk, president of the association’s SCV Division. “Condo sales are lagging partly because too many HOA boards of directors have not taken steps to be qualified for buyers to receive FHA loans, and also due to affordability issues as resale prices rise.”\
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Article: SCV Home Prices Post Best Numbers Since Great Recession
Source: Santa Clarita News
Author: Leon Worden