- Single-family sales activity has dipped noticeably when comparing July to November.
- Median condo prices continue to rise on a year-over-year and month-over-month basis.
- Market has slightly more than two months of supply, which should continue to drive median prices.
The Santa Clarita Valley has experienced recent drops in single-family home sales activity; however, 2015 will outpace the previous two years when it comes to total transaction volume.
Spanning January to November, 2,213 single-family homes sold in the valley, according to the Southland Regional Association of Realtors. For perspective, a total of 2,230 homes traded in 2014, with 2,270 selling in 2013.
2015 was a solid year in spite of the 154 single-family homes that closed November, which represented a 22.2 percent year-over-year decline in activity. On a month-over-month basis sales activity was also down noticeably, by 25 percent. July represented the strongest month for closed transactions this year with 255 sales.
Declining sales haven’t negatively impacted sales prices. In November the median single-family sales price stood at $520,000, a 7.4 percent year-over-year increase and a 4 percent month-over-month rise. According to the association, the median price was the highest value for the month of November since 2007. Overall, the median home price peaked in May when it reached $530,000.
At the end of November the market had 428 active listings, an 11.9 percent month-over-month decline.
Similar to the single-family sector, activity in Santa Clarita’s condo sector will outpace 2014. During the first 11 months of this year 1,005 condo sales closed. Last year a total of 1,018 such sales closed.
In November 86 condos closed, which represented a nearly 39 percent year-over-year uptick. At the same time, the median sales price elevated by 11.9 percent year-over-year to $330,000. This value matches July’s median price, which represented the highest monthly median price since October 2010. November’s median price was also up 4.8 percent from the previous month.
Entering December the market had 2.3 months of total supply, single-family and condos, and 248 pending escrows. The later figure represents a 7.4 percent year-over-year increase.