Santa Clarita Economic Outlook
Single family home sales up nearly 16 percent from 2014.
The median price of single family homes in the SCV rang in at $523,000 in August, up 2.7 percent from the previous month, and nearly 7 percent from the previous year.
Condos fell only slightly in August, but are still strong year over year, with median equity increasing by 14 percent from August of 2014.
These numbers reflect continued positive growth in our economy, as well as interest rates still holding at historically low levels. We can also attribute the rise in prices to the still relatively low number of available homes for sale in the Santa Clarita Valley. There was a reported 675 active listings in the SCV at the end of August, which is about half of what would be considered a “balanced” market. Continue reading
Santa Clarita’s thriving economy shines through in latest retail survey.
Even through the worst of what’s now known as The Great Recession that hit the US economy hard a little more than a half decade ago, Santa Clarita has managed to remain stable, if not vibrant. Our economic numbers have always shown as being “in the black,” and our unemployment figures were (and still are) lower than national, state, and even county averages.
Aside from consistently being ranked high in economic status, schools, and lifestyle, Santa Clarita can also bask in the fact that the city has ranked 21st out of 100 retail markets across the state.
In a recent California Retail Survey, Santa Clarita moved up one notch from 2013 to settle at 21st in retail markets this year, ranking higher than other markets such as Beverly Hills, Glendale, and Burbank.
Santa Clarita is also one of only 29 cities with a retail market above $2 billion (Yes, that’s BILLION with a B!). Continue reading
California Assembly Passes AB 1839 which extends incentives to production companies who film in California.
As a matter of fact, the Santa Clarita Valley has a long history as a film location that goes back to the early days of the silent picture, and you might be pleasantly surprised which of your favorite TV shows and movies boast SCV film locations.
Southern California was once known as the center of the motion picture universe. It’s said that early film crews came here not only for the year round filming weather (Back when sound stages were built outdoors). From those humble beginnings, a film empire was born.
However, over the years California has slipped from its first place hold on filming permits as other states began offering incentives to lure production companies (along with their jobs and tax dollars) to open up shop. According to Los Angeles County Supervisor Michael D. Antonovich, California has lost $33 billion in production revenue in the past decade. In 2012, only one big budget feature film was shot entirely in California. 2013 saw only 39 one-hour television shows shot in our state out of a total of 137. Continue reading
Steady climb in real estate prices second highest levels since 2008.
Resale homes jumped nearly 24 percent over November 2012, selling for an average of $445,000 in November of this year, according to the Southland Regional Association of Realtors. Condominiums jumped to an average of $295,000, which is a gain of nearly 50 percent over the average selling price of $197,000 only a year ago.
These market increases are significant for home owners, especially those who purchased earlier this year, as they have already seen a return on their investment. Home sellers have been able to take advantage of a tight inventory market in 2013, which helped to boost prices based on supply and demand. Continue reading
Two hot button issues: Chloride levels and the so-called “Stormwater Tax” can affect the pocketbooks of all Santa Clarita property owners.
Los Angeles and the communities surrounding it, including the Santa Clarita Valley, has been the benefactor of positive change over the past century as a result of a forward thinking move by the then head of the Department of Water & Power, William Mulholland. After nearly a decade of planning, political maneuvering, controversial land purchases, and back breaking labor, the California Aqueduct, considered still to be an engineering marvel, opened in November 1913 to the delight of everyone who lived within the greater Los Angeles area and the surrounding communities. This opened up the area to residential development as well as having the effect of essentially redefining what crops could be grown in these communities. This feat of mankind contributed to the growth and development of the Los Angeles, San Fernando and Santa Clarita Valleys that continues to this day.
While the California Aqueduct brought growth and prosperity to this Southern California region, its effects on the environment, especially in the Owens Valley from where it originates, have been topics for controversy over the past 100 years, and increasingly costly as a result of lawsuits, reclamation and restoration projects.
Over the years, the collection of water, and the disposal of runoff, has brought to light issues we could never have dreamed of one hundred years ago. The United States Army Corps of Engineers began work on channelizing the Los Angeles River through the building of concrete channels in an attempt to control flooding an re-route storm water to the Pacific Ocean. While channelization reduced the risk of flooding in and around Los Angeles, it destroyed the natural watershed with no systems in place to reclaim storm water that would allow for conservation of water resources. Continue reading
Diversity in business and economic development add to the many reasons residents love to call Santa Clarita their home.
With the conclusion of the annual Real Estate and Economic Outlook Presentation, the City of Santa Clarita’s Economic Development Corporation reaffirmed their projections of continued growth in the Santa Clarita Valley.
Economic leaders such as Mark Schniepp project stronger housing growth by 2014, indicating that home sales are the highest they’ve been since 2007. That, along with two new housing developments launched by Lennar Homes this month, shows signs of much welcomed growth in the Santa Clarita Valley.
Santa Clarita has one of the lowest unemployment rates in Los Angeles County.
Compared to an 11.9% average unemployment rate, Santa Clarita maintains an unemployment rate of around 7.3% (2011 statistics. Source: City of Santa Clarita). This rate is maintained in large part by the diversity of businesses and employment opportunities within the Santa Clarita Valley including major contributions to our economy from the William S. Hart Union School District (First in number of employed in Santa Clarita), as well as Six Flags Magic Mountain, Princess Cruises, and College of the Canyons. Education, technology and healthcare also are among the top industries in the valley. Skilled manufacturing also has a viable foothold in Santa Clarita, employing nearly 9,000 workers.
Being the 4th largest city in Los Angeles County, Santa Clarita as the 25th highest property tax ranking in the county. Santa Clarita was also named “Most Business Friendly City in Los Angeles County” in 2008.
Indicators of Continued Positive Growth and Success
With positive signs of growth continue in the economic and real estate sectors, these indicators make Santa Clarita a very attractive place to purchase a home. The rebound in property values are allowing home buyers the prospect of a quicker increase in equity, and are allowing home sellers to have a bit more control in the negotiation process. This, combined with a continuation of historically low home mortgage interest rates along with many great programs for home buyers, makes Santa Clarita THE top choice for Los Angeles County residents to call home.
If you’re considering a move, we’ll guide you through the process and will be happy to answer ALL of your questions. Santa Clarita truly is a great place to call home for all of the above reasons and more. Feel free to give us a call or shoot us a message using the form below.Email Contact Form