Latest Housing Numbers in the Tri-Valley Area

San Fernando Valley: 33% decline in home sales, yet median resale price continues to rise
Realtors helped negotiate and complete a total of 552 single-family home sales throughout the San Fernando Valley during August, a drop of 33.1 percent compared to the 825 sales of August 2006, the Southland Regional Association of Realtors reported Monday, Oct. 1.

Condominium sales of 188 units were 40.7 percent below year ago levels.

The median price of single-family homes that changed owners during August was $645,000, up 5.7 percent compared to a year ago. The August median price was $10,000 below the record high median price of $655,000 which was set in June.

The condominium median price of $389,000 was down 2.8 percent from a year ago and off 4.5 percent from this July. The record high median condo price of $415,000 was set in February 2006.

Lenders continue to offer a wide variety of loan options at attractive terms and low interest rates. No doubt, it takes longer to obtain a loan and lending is stricter, conforming to traditional standards – such as, showing proof of income, savings and a consistent, solid credit history. Yet by no means does the disappearance of loans in the sub-prime market – where loans were made to buyers with shaky or no credit – suggest that this is a difficult time to obtain a mortgage.
There were 7,706 active listings at the end of August, up 12.8 percent from a year ago. Of that total, 5,566 listings were single-family homes and 2,140 were condominiums.

At the current pace of sales, the total active inventory represents a 10.4-month supply. August was the first month since September 1995 that the supply broke into double digits.

While a 10.4-month supply is above the 5- to 6-month inventor that real estate experts believe represents a balanced market, it still is well below peak levels reported during the national recession of the 1990s and the restructuring of the local economy.

The inventory peaked in July 1992 with a record 14,976 active listings – which equaled a 17.6-month supply at the then current pace of sales. In February 1993 the inventory compared to the pace of sales hit a record 23.0-month supply.

At the height of the recent sellers’ market the inventory often hovered at barely a 1-month supply.

Santa Clarita Valley single-family home sales off 26%, prices down 9%
Single-family homes sales in the Santa Clarita Valley during August totaled 186 transaction, down 25.6 percent from a year ago, the Southland Regional Association of Realtors reported on Monday, Oct. 1.

It was the second lowest tally for the month, behind the 169 sales reported in August of 1997, however, the 25.6 percent drop was lower than the statewide average decline in resale activity of 28 percent.

The median price of single-family homes sold during August in the Santa Clarita Valley was $560,000.

That was down 8.9 percent from a year ago, or $55,000 lower than the August 2006 median of $615,000 – well above the statewide median price of $588,070. The record high median price of single-family homes in the Santa Clarita Valley of $643,000 was set in April of 2006.

Realtors also negotiated a total of 63 condominiums sales last month, down 40.6 percent from a year ago.

The median price of condominiums that changed owners during August was off 2.2 percent to $362,000 from a year ago August when the median was $370,000.The record high condo median of $397,000 was set in January of 2006.

There were 2,509 properties listed for sale throughout the Santa Clarita Valley at the end of August. That was down 3.4 percent from a year ago, but up 6.4 percent from the July tally. Of that total1,852 were single-family homes and 657 were condominiums.

At the current pace of sales the inventory represents a 10.2-month supply – above the 5- to 6-month inventory that Realtors believe represents a balanced market. At the height of the recently concluded sellers’ boom market, the inventory hovered for many months at less than 1-month supply.

Antelope Valley has not published new numbers since early September. Hopefully it will be posted next week.