Home Sales Up Significantly in Santa Clarita and San Fernando Valleys

Santa Clarita Home Sales Up 55%

Continuing an upward trend in sales that started in April, more homes sold throughout the Santa Clarita Valley than a year ago with the 172 closed escrows reported this November up 55.0 percent over November 2007, the Southland Regional Association of Realtors® reported.

Realtors® also closed escrow on 62 condominiums during November, up 63.2 percent from a year ago.That compares with the record high of 204 condo sales set in April of 2003.

The median price of single-family homes sold during November throughout Santa Clarita was $400,000, off 23.4 percent from a year ago and dramatically below the record high of $643,000 which came in April 2006.

The drop off in the condo median price was even steeper during November - down 33.5 percent to a median of $210,000, well below the record high of $397,000 set in January 2006.

Even with the financing difficulties and approach of the holidays, pending escrows - a measure of future sales activity - suggest that resale activity will remain relatively upbeat through the end of the year and beyond.

A total of 270 open escrows were reported at the end of November - up 65.6 percent from a year ago.

The Southland Regional Association of Realtors also reported 1,487 active listings throughout the Santa Clarita Valley as of the end of November. That was 36.5 percent below November 2007.

At the current pace of sales, the inventory represents a 6.4-month supply, up slightly from prior months but still just on the high side of the 5- to 6-month supply that real estate experts believe represents a balanced market.

San Fernando Valley Home Sales Jump 78%

For the fifth consecutive month, sales of existing single-family homes in the San Fernando Valley improved over 2007 totals with the 633 closed escrows of this November up 78.3 percent from a year ago, the Southland Regional Association of Realtors® reported.

Total single-family transactions this year already exceed all of 2007, although 2008 will still rank as the second slowest year for sales on record even if December exceeds expectations.

Condominium sales also increased over November 2007, up 41.1 percent with 199 closed escrows. It was the third consecutive month that condo sales improved over year-ago totals.

Sales activity has been picking up over recent months as prices continue to fall, down 32.7 percent from a year ago to this November's median resale price of $375,000 - a number not seen since 2003. For comparison, the record-high single-family median price of $655,000 was set in June 2007.

The condominium median price of $220,000 was off 41.3 percent from a year ago when it stood at $375,000. The condo record high median of $41 5,000 was set in February 2006.

There were 5,598 active listings throughout the San Fernando Valley at the end of November, a number that was down 25.4 percent from year ago totals. The inventory also declined on a month-to-month basis, down 5.4 percent from this October.

At the current pace of sales, the inventory represents a 6.7-month supply -- on the high side of the 5- to 6-month supply that real estate experts believe represents a balanced market.

During the boom years the supply frequently hovered at less than a 1 -month supply while during the recession of the 1990s it soared to a record-high 23-months. During this cycle, the inventory peaked at a 16.2-month supply this January and has been declining ever since.

While seasonal factors, tight credit and continued fears about the economy appear to be tempering resales, pending escrows - a measure of future sales activity - support reports that buyers have returned.

There were 951 open escrows throughout the San Fernando Valley at the end of November.

That was up 70.1 percent from a year ago as the market hit its low point in October 2007.