The local real estate market is at a record-low for inventory, with a 1.4-month supply — creating prime conditions for selling a home, said Erika Kauzlarich-Bird, president of the Southland Regional Association of Realtors.
“Prices have definitely increased, and we’re just at our fourth consecutive low as far as houses coming on the market. We need inventory and that’s the bottom line,” Kauzlarich-Bird said.
“It’s definitely a seller’s market,” she added.
It certainly creates a more difficult situation for those looking at buying she said, but she also added that those thinking about “moving up,” might want to consider putting their home on the market
The scarcity of homes is also creating difficulty for the financing sector of the market, due to concerns over appraisals and price justifications, she added.
There also concerns over pending legislation that could take away the incentive for mortgage-interest deduction, that have spurred fears ranging from a negative impact on an already hurting market to the end of the real estate market as we know it, according to Kauzlarich-Bird.
Santa Clarita Valley home prices were flat in November as the resale price of the typical, previously owned home averaged $360,000 and the typical condominium sold for $197,000, according to Wednesday’s data from the Southland Regional Association of Realtors.
Home values haven’t moved appreciably over the last two years, languishing at what appears to be the bottom of a multi-year cycle. Prices moved steadily upward until 2005-06 and then started to tumble.
November’s single-family home price was $20,000 better than the year-ago price of $340,000 but off markedly from November 2010′s median price of $415,000.
Few sellers are willing to take their chances, and inventory is at a record low. Just 267 single-family homes were listed for sale in November versus 723 in November 2011, while 65 condos were listed versus 316 a year ago. There were 10 percent fewer listings just in the last month.
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