Briefings of the Tri-Valley Market area begin with a summary of Santa Clarita and San Fernando Valleys and end with the latest unfiltered data from Antelope Valley.
Santa Clarita Valley Home Sales Rise 7% in August
From the Southland Regional Association of REALTORS® (SRAR)
Single-family home sales increased 7.0 percent during August throughout the Santa Clarita Valley, the Southland Regional Association of Realtors reported.
The 199 closed escrows were 13 sales higher than a year ago, but down 16.0 percent from this July when 237 homes sold.
While buyers generally are focusing more on single-family home opportunities, condominium sales increased 31.7 percent to 83 closed escrows during August.
July and August were the first months that saw the conforming loan limit at its new level of $729,000, which means loans up to that amount can be obtained at a lower interest rate than ever before.
The median price of homes sold during August decreased 19.6 percent to $450,000. That was $110,000 below the $560,000 median price of August 2007 and $9,000 higher than the $441,000 median posted this July.
The condo median during August came in at $269,500, down 25.6 percent from a year ago and off 5.4 percent from this July.
Activity throughout the Santa Clarita Valley picked up during August, a fact supported by the Association's statistics reporting pending escrows - a measure of future resale activity.
Pending escrows increased 89.3 percent during August compared to a year ago, suggesting that a growing number of people are getting of the fence and into the market.
There were 1,684 active listings throughout the Santa Clarita Valley at the end of August. That was down 825 listings for a drop of 32.9 percent compared to a year ago. Active listings also declined 5.3 percent from the July total.
At the current pace of sales the inventory represents a 6.0-month supply - right at the top of what industry leaders call a balanced market where neither the buyer nor the seller have a clear cut advantage in negotiations.
San Fernando Valley Homes Sales Surge 21% in August
From the Southland Regional Association of REALTORS® (SRAR)
Sales of existing single-family homes surged 20.7 percent during August throughout the San Fernando Valley, the Southland Regional Association of Realtors reported.
Realtors closed escrow on 666 homes, up 114 transactions from a year ago August.
With the purchase of a single-family home now within reach of more buyers, condominium resale activity has not picked up as much momentum. A total of 172 condos changed owners, down 8.5 percent compared to 188 condo sales in August of 2007.
The median price of homes sold last month fell 34.1 percent to this August's median of $425,000 - down $220,000 from the figure reported in 2007, a steep drop from last year, although from month-to-month the rate of decline appears to be ,flattening out.
The August median was in a range not seen since 2004 when prices were increasing at a 26.3 percent annual pace.
The condo median price of $275,000 was off 29.3 percent from August 2007. There were 6,447 active listings throughout the San Fernando Valley at the end of August. That was down 16.3 percent from a year ago and off 7.2 percent from July of this year.
At the current pace of sales, the inventory represents a 7.7-month supply, just above the 5- to 6-month supply indicative of a balanced market.
Pending escrows - a measure of future resale activity - increased 82.6 percent from a year ago, supporting the conclusion that more people are taking advantage of the best buyers' market in decades.
Antelope Valley Stats from the Greater Antelope Valley Association of REALTORS® (GAVAR)
As of the beginning of October, number of residential listings decreased 20% over October 2007 and list price fell 34%.
Active Listing Comparisons are available at:
http://www.gavar.org/Stats/ActiveListingComparisons.pdf
Month-Year Sales Comps are available at:
http://www.gavar.org/Stats/SoldStats.pdf
* - August is the last month available.
Recorded Sales by Month report is available at:
http://www.gavar.org/Stats/RecordedSalesbyMonth.pdf
* - July is the last month available.
Active & Pending Inventory is found at:
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