The number 17 is my favorite because that is how many years I served the LAPD in a full time capacity. It is also the “month day” of my birth. My Two Boys also were born on the 17th of their respective months. I win when placing a bet on 17 with regard to roulette in vegas and much more.
Today’s real estate market is a bit “droll”. It has slowed down considerably due to the holidays. Those that are searching for homes and real estate are still keeping up with their agents, but for the most part, sellers have decided to hold off from listing their real esate for sale until the new year. That is something I totally understand.
I for see the investor sellers slowing down a bit during the first quarter of the coming year to determine how much impact the fiscal cliff will have on them. I also see the owner occupied type of buyer becoming more and more active next year because they are not going to have to compete, as much, with the “cash investor” buyer. This will be apparent at least during the first quarter – while the Fiscal Cliff is dealt with.
Acton California – the sales prices have relaxed this week down to $414,000. We have also seen as home prices have been exceeding new inventory for several weeks now. This has a two part reason. The Holidays and sellers lacking an equity position with their real estate. The negative equity position is typically handled by short selling, but that to, for the most part, is on hold until 2013.
Canyon Country CA – the sales prices in Canyon Country are down this week as well to a level of $349,700. We have watched as the price per square foot remains flat and we have seen a 10% increase in real estate prices when it concerns properties being flipped – sold and then re-sold within 90 days.
Castaic CA – the median sales price in Castaic CA is what they were last week – $349,990. Price per square foot was flat and remained at $167. We did note an increase in Days on Market for Castaic CA. That figure increased to 103. Short Sales are the typical culprits when it comes to longer DOM time frames – Days on market.
Newhall California rings in this AM – Median Single Family home sales prices increased to $519,950.00. We also watched as the asking price per square foot on Newhall Homes increased to $189.00. Price Decreases and lower pricing adjustments hit Newhall hard this week with 27% of homes showing a Negative Adjustment from their list prices. There could be several reasons for this happening – I will give you two. First, it could be the bank on a short sale decided their sale price was too much and adjusted to be more inline with the current real estate market. A better change is that the property was priced too high by the agent and the bank – causing a reduction when the appraiser went to the property for the buyer and de-valued the home from where it had been listed for sale.
We are UP in Saugus CA – Home prices for Single Family homes increased this week in Saugus CA. You can see that the median sales price is at $425,000.00. Inventory has been tightening up lately and the Market Action Index has been trending up. That types of indications are these for the Saugus CA real estate market? They are mildly positive 🙂 – We watched as we noted a high account of price decreases in Saugus real estate as well – 25% of the homes being sold during this last week experienced a price decrease.
Stevenson Ranch CA is on a lot of our buyers minds these days. We have several that are looking at buying a home in Stevenson Ranch – while our buyers don’t overlap – make sure your agent is being upfront with you with regard to competition within their real estate team. You don’t want to miss out because your real estate agent is representing other buyers within the same price range with real estate as you desire. Price per square foot this week has increased to $228 per foot. We have placed our Price Per Square Foot pages at our PPSF website for Prices in Square Footages in Santa Clarita Cities.
Valencia CA homes for sale – And Valencia CA was flat this last week. No increase, no reduction – just plain ‘boring and uneventful’ flat. However, we did not an increase of Days on Market for the Cities within the Valencia Area. You can check our the median square footage of home that was taken into account and which is the most prevalent today. That square footage is 2177 – an average. We also noted that the sellers in Valencia CA are calling most of the shots to a point. Santa Clarita real estate buyers that are needing financing on the homes they are buying, don’t neglect the appraisal. In fact, their money source will not lend on the home they want to buy without an appraisal.
The same cannot be said about Cash Buyers or Investors. Some pencil out the figures and as long as they get their numbers out of the home – they forgo the appraisal. That has been the reason that prices have been increasing in the Santa Clarita Valley cities since late last year – 2011. Lots of investors and property flippers.
Be Safe – get good advice and make sure you are dialed into the latest in Santa Clarita market update reports. We are REMAX’s Paris911 Team and we appreciate you reading, sharing and listening.