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Santa Clarita Valley home sales drop slightly

Posted: June 25, 2013 5:38 p.m.
Updated: June 25, 2013 5:38 p.m.
 

Sales of Santa Clarita Valley homes dropped slightly between April and May, even though the number of listings increased, according to numbers released Tuesday by the Southland Regional Association of Realtors.

A total of 196 single-family homes sold in May — up 5.4 percent from a year ago but down from the sale of 209 homes in April.

Condominium sales reached 103 last month — down from the 108 sold in April and an increase of 24.1 percent from a year ago.

A chronic shortage of homes for sale, however, eased somewhat in May.

There were 291 active listings in May, up from 251 in April, according to data from the Realtor’s association.

The 381 active MLS listings reported were down 33.2 percent from the prior year. That figure represents a 1.3-month supply at the current pace of sales, according to the Southland Regional Association of Realtors.

A six-month supply is needed for a balanced market, which means neither the buyer nor the seller has the advantage.

The long-term outlook is excellent, although it will take a couple of years for the inventory to come back to levels seen in the mid-2000s, said Bob Khalsa, president of the Santa Clarita Valley Division of the association.

“In the short term, the market is getting healthier. We just have to ride out the very low supply of homes listed for sale,” he said.

The median price of homes sold last month came in at $420,000, a 17 percent jump from a year ago. The median price for single-family homes, however, rose only slightly, up 1.3 percent, in May over April.

The record low of $340,000 was set in November 2011.

Condos recorded a year-over-year increase in median price of 17.5 percent but fell 2.5 percent from the April median.
But the market is slowly returning to normal. Standard sales — in which the owner has equity in the home — now outstrip the number of homes sold due to foreclosure or a short-sale process.

Standard sales represented 64.5 percent of all homes sold in the SCV in May. May foreclosures only represented 7.7 percent of total home sales.

Short sales — in which a bank agrees to a sales price worth less than the amount owed on the mortgage — only accounted for 28 percent of the sales.

jana@signalscv.com
661-287-5599

 

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