Santa Clarita Market Data
Lots of economic indicators left “in the air” as we near the end of 2015 gives pause to speculation about the real estate market.
As we hurtle toward the final month of 2015, we’re seeing some interesting signs in the Santa Clarita real estate market. Interest rates, while still very low, have inched just above 4 percent, and housing prices for both condos and single family homes have leveled off.
That being said, it’s not unusual for housing prices to dip slightly in the final quarter of the year, with the summer buying season behind us and the holidays just ahead. The question still remains, however: Have Santa Clarita home prices reached their peak?
To be clear, prices have only dipped slightly between September and October of this year. The median price of a single family home still holds firm at the half million dollar mark, and condos are averaging prices in the low $300,000’s. We’re nowhere near the peak we achieved in the Spring of 2006, when single family home prices averaged $643,000 before they began to fall at the outset of the recession which began a year later. Continue reading
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
Median price of single family homes takes a 6 percent swing upward from February.
The Santa Clarita real estate market showed signs of a continued rebound when statistics recently released from the Southland Regional Association of Realtors showed the median price of a single family home reached $520,000 in the SCV in March. This represents a slightly higher than 6 percent median equity increase over the previous month.
To put it more plainly: Single family home prices rose $30,000 in one month!
In fact, home prices have risen nearly $60,000 since March of 2014, which begs the question yet again: What other investment can you make that will net you an equitable return of this magnitude in 12 months?
Leveraging your money to leverage equity.
Say, for example, you purchased a home in Santa Clarita in March of 2014 for the median price of $462,000. Now, if you obtained what we call a conventional fixed-rate mortgage using a 20 percent down payment ($92,400), then in one year you’ve technically made back nearly 2/3 of your cash investment. Continue reading
Parenting Magazine ranks the top 10 best cities in America.
Recently, Parenting Magazine put together their “Top 10 Safest Cities In America” list, which included our fair city. Here they are ranked in order from lowest to highest:
10. Sterling Heights, MI. A suburb located 25 miles north of Detroit.
9. Surprize, AZ. A suburb of Phoenix.
8. Naperville, Ill.
7. Gilbert, AZ.
6. Amherst, NY
5. Irvine, CA
4. Woodbridge Township, NJ
3. Santa Clarita, CA
2. Port St. Lucie, FL
1. Edison, NJ
This list was composed based on crime statistics and the “peace index” as determined by the Institute For Economics and Peace.
As you may know, Santa Clarita is now the third largest city in Los Angeles County, and has consistently ranked near the top of on several lists regarding safety and quality of life, demonstrating the true sense of community we have here in our valley.
Are you ready to make a move to Santa Clarita?
A wide selection of housing to fit nearly any budget, award winning schools, plenty of things to do for the whole family, AND close to all of the great things Southern California has to offer, Santa Clarita is a great place to call home! With interest rates dropping yet again, buyers should be aware of the tremendous purchasing power that’s at their disposal. Interest rates as of November 26th:
30 year fixed-rate mortgage: 3.89%
15 year fixed-rate mortgage: 3.11%
FHA 30 year fixed: 3.38%
5/1 year Adjustable Rate Mortgage: 3.24%
Lock in your rate now!
We are your Santa Clarita real estate connection.
Montemayor & Associates are a team of licensed, experienced, full service Realtors who take pride in assuring Santa Clarita home buyers and sellers can reach all of their real estate goals. Contact us for a no obligation consultation by calling either of the numbers listed at the top of this page, or by using the Quick Response form below.Email Contact Form
SCV single family homes tick upward in August while condos hold steady.
It’s been a rather interesting year real estate-wise here in the Santa Clarita Valley. The median price of a single family home started off the year at $432, 900, and, with a few fluctuations, the prices have continued to rise.
The month of August saw single family homes in the SCV rise to $490,000. That’s a $57,000 rise in equity in 8 months. Think about it…$57,000 in 8 months. Condominiums, while on a slightly slower pace, still rose by $35,000 since January.
When you consider the value of real estate, it’s hard to fathom any other low-risk investment that has the potential to increase this much in this amount of time. Yes, there may be others out there, but again, consider the risk.
Of course, we usually think of real estate as a long term investment. It’s rare that anyone who may have purchased a home at the beginning of the year would simply sell to “cash in”, except for professional investors who have an eye for short term property turnovers. Then again, these investors do inherit a fair amount of risk, as short term strategies may take a turn in a direction that may not be profitable. Continue reading
Housing prices remain steady, although we’re seeing some signs of the end of the “summer rush.”
August showed a steady pace in the Santa Clarita real estate market, with new information released by the Southland Regional Association of Realtors.
While there were no “wild rides” real estate-wise, we did see a market that held its own through what most consider the “dog days of summer.”
Median home prices and sales remained somewhat the same as July, with median sale prices holding at $415,000, which includes both single family residences and condominiums. We saw a slight drop in the number of home listings at 441 for August, compared to 500 in July, but the number of escrows opened and closed barely changed month over month.
Santa Clarita also saw only a slight drop in the median list price in August at $447,000 compared to $459,000. This accounts for typical pricing adjustments as the summer rush comes to an eventual close. Continue reading
Loan rates have not been affected despite more stimulus cuts by the Federal Reserve.
Some financial analysts were concerned that rates would begin to rise on the heels of the most recent cuts to the federal stimulus practice of Quantitative Easing (QE), which has dropped to $25 billion per month, down from its high of $85 billion at the beginning of this year.
This brings good news to home buyers concerned that economic conditions may spur rate hikes, which may affect their ability to qualify for their desired home loan amount.
Is it a buyer’s market?
While 2013 was a whirlwind market due to an extremely low inventory of available homes for sale in the Santa Clarita Valley, we’re seeing a balance this year as more homes are being listed with sellers still taking advantage of rising home prices. The median home price of a single family residence has risen $48,000 since January of this year. Continue reading
As balance returns to the Santa Clarita real estate market, how you price your home is more important now than ever.
This time last year, the market in Santa Clarita was quite the wild ride. While interest rates took a jump from the mid 3 percent range to the middle 4’s, inventory in the SCV was still extremely low. Prices were rising, and homes were selling quickly with multiple offers. In some cases those multiple offers pushed the final selling price of a home beyond its listing price.
This was all very find and good for sellers…until those sellers had to turn around and purchase another Santa Clarita home. Situations like these can (and did) cause a short-lived unusually high jump in home prices as we saw median single family home equity jump $80,000 in between January and December of 2013.
That was then, this is now…
SCV Housing prices continue to climb in 2014.
The last time we came close to this median price was in April of 2008, when single family home prices averaged $480,000 just before the onset of the economic downturn that came as a result of the impending recession.
Since then, Santa Clarita housing prices faltered for the next several years, dipping to the lowest point in December 2011 when the median price of single family homes dropped to $340,000 before beginning a slow but steady rebound. Continue reading
Increases in home sales along with steady (And low) interest rates make for a great market in the SCV.
The Santa Clarita housing market remains on the upward swing with sales in April seeing a 36 percent upswing since February. There are currently 569 active listings (IE: Available homes for sale) in the Santa Clarita Valley communities of Valencia, Stevenson Ranch, Saugus, Newhall, Canyon Country and Castaic. Numbers do not include the ranch communities of Acton and Agua Dulce.
372 homes are currently in “back up” position, meaning an offer has been accepted by the seller, but they are still accepting back up offers from buyers. 298 homes are pending a final sale (Off the market and undergoing the escrow process).
318 homes closed escrow in April. Compare this to only 203 homes sold in February, and you’ll see that’s an increase of 36%. Continue reading