LEON WORDEN | SCV NEWS
Prices of “used” single-family homes across the Santa Clarita Valley were up nearly 11 percent over year-ago levels in April, while condominium prices hit their highest mark in four years.
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According to the Southland Regional Association of Realtors, the typical previously owned single-family home changed hands for $415,000 in April, roughly even with the March level of $420,000 but significantly better than the $375,000 median of April 2012.
The typical used condo sold for $241,000 in April. That compares to $220,000 in March and $195,000 in April 2012. The last month to see a higher median price was April 2009 ($250,000).
Sales volume wasn’t half bad, either. Some sellers might still be waiting on the sidelines, but 209 single-family homeowners and 108 condominium owners signed on the bottom line in April. That compares to 200 and 95 escrow closings, respectively, in March.
Year-over-year, single-family escrow closings were up 18.8 percent.
“This activity comes as no surprise,” said Bob Khalsa, president of SRAR’s Santa Clarita Division. “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.”
Erika Kauzlarich-Bird, owner of Triple D Realty in Santa Clarita, said that high demand may help level out the market.
“Buyers are still having to be patient as we continue to see over-bidding and multiple offers, but the continuation of that will start to hopefully help those that are either underwater by not that much, or need that little extra equity to refinance,” she said.
Yet, Khalsa cautioned, “we’re far from a normal market, which won’t appear until more current owners are above water and home buyers are not pushed out by investors, especially in homes priced under $450,000.”
Just 338 properties were listed for sale on SRAR’s Multiple Listing Service at the end of April – down 49.9 percent on the year – representing a 1.1-month inventory of homes. A six-month supply is indicative of a healthy market.
Kauzlarich-Bird said that listings may begin to increase in the coming months.
“Usually you will start to see an increase in listings around the summer. Right now families have to get past the last days of school and graduation,” she said.
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Source: Santa Clarita News