In both Santa Clarita and San Fernando Valleys, the sales numbers have been up steadily. Santa Clarita median prices are fluctuating, but up versus March. This is a typical sign of being at the bottom of a cycle, where the curve is "flat."
Current Stats in Santa Clarita:
Santa Clarita Valley Home Sales Post Strong Increases as Buyers Snap Up Foreclosed Properties
Buyers eager to capture bargains on foreclosed properties pushed sales of existing single-family homes in the Santa Clarita to their highest level in months, posting the fourth consecutive month of gains and the first year-to-year increase in 13 months, the Southland Regional Association of Realtors reported on Thursday, May 22.
A total of 178 homes changed owners last month, up 2.3 percent from a year ago and 17.9 percent higher than the March tally. Sales had been trending downward since hitting a record high of 405 transactions in June 2005, but the April total was the first time since March 2007 that the total was higher than 12 months ago.
Even condominium resales posted the fourth consecutive month of increased sales with the 67 transactions during April up 24.1 percent from March. Condo sales were 11.8 percent below a year ago.
Pending escrows – a measure of future resale activity – support the optimism that the market has turned upwards.
There were 381 open escrows at the end of April, up 34.2 percent from a year ago and 24.1 percent higher on a month-to-month basis. Activity has been steadily rising since hitting bottom in December when there were a mere 160 open escrows. The record high of 662 open escrows was set in March of 2005.
The single-family median price has been fluctuating in the mid- to high-$400,000 range with the $480,000 median in April down 19.3 percent from a year ago, but up 2.1 percent from March.
The first four months of the year saw the median slip under $500,000 for the first time in 16 months. The record high median of $643,000 was set in April 2006.
Similarly, the condominium median price of $279,000 was down 27.5 percent from a year ago, off $106,000 from the $385,000 median of April 2007. It has been slowly falling since the record high of $387,000 was set in January 2006 with the March median of $275,000 being the low point in this cycle to date.
Many factors mitigate against steep price declines, including: pent-up demand for housing in an area of the nation that will see population gains in coming years, lenders again writing loans which carry favorable interest rates, the lower cost of jumbo loans in high-cost regions now that the conforming loan rate has been increased, assistance for beleaguered home owners, which will limit the number of foreclosures, and an inventory that offers a solid selection but is not excessive.
The number of homes listed for sale declined during April compared to a year ago, down 6.8 percent to 2,014 active listings.
The inventory at the current pace of sales represents a mere 8.2-month supply, still a buyers’ market yet not all that far ahead of the 5- to 6-month supply thought to represent a balanced market. It also was the first time in months that the number of active listings dropped into single-digit range, supporting conclusions that the market is changing as the Spring home-buying season gets into full swing.
Current Stats in San Fernando Valley:
San Fernando Valley Home Sales Rise for the Fourth Consecutive Month
In a sign that the local housing marketing is beginning to rebound, sales in the San Fernando Valley of existing single-family homes increased during April for the fourth consecutive month and posted the first year-to-year gain in 30 months, the Southland Regional Association of Realtors reported on Thursday, May 22.
Not since September 2005 has the monthly total been higher than the prior year. The 547 sales closed by Realtors during April was up dramatically compared to April 2007 – 100 transactions or 22.4 percent higher.
The April total also was 31.5 percent above March and has climbed each month since January, gaining momentum as the traditional Spring home buying season gets underway and as lenders start writing loans again.
With the emphasis on single-family homes now that they are within reach of more people than at any time in many years, condominium resale activity has yet to pick up.
Condo sales are coming slower not for lack of a wide selection, but because first-time buyers generally have a more difficult time coming up with a downpayment and qualifying under today’s tougher loan restrictions.
Condominium sales during April were down 16.6 percent from the prior year and off 3.3 percent from the March tally. Condo sales have yet to exceed prior year figures even though resale prices have been falling.
The condominium median price of $300,000 was down 24.1 percent from a year ago and off 4.8 percent from March. The condo median price peaked at the record high of $415,000 in February 2006, but have been trending downward since July of 2007 and started a more precipitous decline in November.
Single-family home prices hit the record high of $655,000 in June of last year but have been inching lower at a much slower pace than condos. Last month the median came in at $465,000, down 25.6 percent from the prior year and off 1.1 percent from March. That was only the second time in this cycle that the price decline was above 20 percent.
The Association reported a total of 7,234 active listings at the end of April, up 34.0 percent from a year ago.
However, at the current pace of sales, the inventory represents a 10.4-month supply, clearly a buyers’ market, but significantly lower than the 15- and 16-month supply of recent months or the record high 23-month supply set in February 1993. During the height of the recent sellers’ market, inventory frequently dipped below a 1-month supply. A balanced market appears around the 5- to 6-month range.
Pending escrows – a measure of future resale activity – suggest that April’s strong sales numbers likely will continue into summer. Open escrows, totaling 1,082 transactions, were down a modest 4.7 percent from a year ago, but increased on a month-to-month basis by 21.2 percent. April marked the first time in a year that the pending escrow total rose above the 1,000 benchmark.
Current Stats in Antelope Valley:
Inventory Counts Report is the only current report as of 6/1/2008. Other reports, when published, will be included in the weekly blog
Residential Property
Status - Count - Average Price
Active - 4511 - 268,176
Pending - 1394 - 232,672
Total: - 5905 - 259,794
Sources: Southland Association of REALTORS® and Greater Antelope Valley Association of REALTORS®
No comments:
Post a Comment