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UPDATE: Santa Clarita Valley Home Sales, Prices Surge

Posted: May 29, 2013 1:08 p.m.
Updated: May 29, 2013 5:53 p.m.
 

Single-family home resale prices rose more than 10 percent in the Santa Clarita Valley last month while home sales increased by 18.8 percent, officials with the Southland Regional Association of Realtors said Wednesday.

In April, 209 single-family homes changed ownership compared to the 176 home sales in April 2012, realty association members reported in a statement. According to the association, sales increased 4.5 percent between March and April 2013 in the Santa Clarita Valley.

While still down 48.1 percent from the record high of 405 single-family home sales in June 2005, the April total was up 111.1 percent from the record low of 99 sales in January 2008.

Condominium sales have also increased. Up 6.9 percent from a year ago and 13.7 percent higher than March 2013, 108 condominiums closed escrow in April.

The April total was 47.1 percent below the record high of 204 condo sales set in April 2003, yet up 248.4 percent from the record low of 31 sales of January 2008.

“This activity comes as no surprise. It was expected, simply because some families have been unable to buy for years and Santa Clarita, more than ever, remains a popular place to live,” said Bob Khalsa, president of the association’s Santa Clarita Valley Division.

Up 10.7 percent from a year ago, the median price of single-family homes sold last month was $415,000. It was down 1.2 percent from the March 2013 median of $420,000, the highest since July 2010.

The median price of condos that changed owners in April came in at $241,000, up 23.6 percent from April 2012.

“For people that already own homes, their values are going up,” said association Chief Executive Officer Jim Link. “Most homes lost equity during the recession, and now homeowners are starting to see that equity being restored.”

“The price increases that we’re quoting are year to year. Homes have gained a significant percent, and we expect the trend of increasing percents to continue.”

Single-family home and condo prices are down 35.5 percent and 39.3 percent from their highs, respectively; however, median prices have increased 22.1 percent and 41.8 percent from their record lows.

At the end of April, 338 properties were listed for sale on the association’s Multiple Listing Service, down 49.9 percent from a year ago.

Of the 317 total closed escrows throughout the Santa Clarita Valley during April, 60.9 percent were standard sales; 24.3 percent were short sales; and 14.5 percent were foreclosures.

Distressed sales combined accounted for 38.8 percent of all April transactions.

 

 

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