I’ll break down the Santa Clarita Valley real estate market because it mirrors the National Statistics, but let me first speak about the National Association of Realtors Chart:
- National Median Homes – Sales slipped to 5.48M (from 5.69M in January*) $228,400
- Single Family Homes – Sales slipped to 4.89M (from 5.04M in January*) $229,900
- Condos and Co-ops – Sales declined to 590,000 (from 650,000 in January*) $216,100
In the West – California – Sales were 1.25M, Median Price $339,900. In the midwest by comparison – Sales were 1.20M – Median Price of $171,700. Northeast Sales were $690K, median price $250,200. and Finally, in the South Sales were 2.34M, Median price $205,300.
What is EHS? – The Research Division of the National Association of Realtors, receives data on existing-home sales (single-family, condos and co-ops) from local association/boards and multiple listing services (MLS) nationwide. NAR captures 30-40% of all existing-homes sale transactions with its monthly survey. The data provides the total number of closed existing-home sales in each association/board/MLS and also total sales within a wide range of price categories.
*Seasonally adjusted figures. go to www.Realtor.org/topics/existing-home-sales for more info!
About Santa Clarita Valley Home Sales
|Month||Days to Sell, Median|
As you can see Santa Clarita Valley dipped in accordance with the rest of the Country. The biggest factor keeping our sales at high numbers and low days on market timeframes is inventory.
Our Santa Clarita valley real estate inventory is at 394 active real estate units for sale. For my inquiry I used the actual Multiple Listing Service and ran the “active” inventory from the cities of Acton, Agua Dulce, Castaic, Canyon Country, Newhall, Saugus, Stevenson Ranch and Valencia. – We have 394 real estate listings on the market for sale – condos, single family homes and town-homes.
Here is the primary reason we have lacking real estate inventory as we enter spring of 2017 within the Santa Clarita Valley.
“It has to do with prospective home sellers not being to swallow the current level of interest rates for the home they are going to move up, downsize or relocate to.”
Most of those who own “financed real estate” are bothered by having to be in the 4’s when it comes to interest rates on the home they are selling to buy. Therefore, they are hesitant, for now, to have their home listed for sale. What is your Santa Clarita Valley home worth today?
This trend won’t last too much longer due to the pressing thought that interest rates are going to be in the 5’s before too long. That will motivate real estate owners to start the listing process while the Santa Clarita real estate market is at a 10 year high in February 2017.
Something which may not be having as large an effect on the current inventory as interest rates is the TOY – Time of Year. While in the spring time we see more and more listings enter the market because “parent(s)” are wanting to move on the behalf of their children – different school, larger home, better neighborhood, etc., that time has not arrived yet.
Keep focus on the beginning summer months – May – July 2017 for more movement by the “kid dependent” groups. It will be interesting to see where interest rates are at that time.
OMT – When buying a home and when you need a loan to do so, make sure you are aware of what you are being charged by the lender. Your lender, the one who you are using to borrow the money charges a fee for their services. Your Real Estate agent should not be charging you as a home buyer, a fee – their services should be FREE.
However, to make sure you are not being taken advantage of by your lender, ask them for a Good Faith Estimate. While the GFE will change depending on the locked interest rate and other “financial factors”, it should be pretty close to true. Save a copy of it and make sure you understand what those fees are in accordance with the loan you are getting.
A Note for Disabled Military Veterans
Even if you are disabled at ZERO, but disabled as far as the Military is concerned, you are entitled to have your VA FUNDING FEE waived.
Some lenders don’t know this. If you run into one of those real estate lenders, reach out to me and I’ll introduce you to one that understands.
For Regular Military, the VA funding fee changes depending on various items pertaining to your service.
Thanks to Tim Blankenship – Divorce 661, A Marine and Friend to bringing this to my attention.
Hey, if you are wanting to get divorced call Tim 🙂
When you are ready to have your real estate world Rocked – I’ll be here for you. Call me when you are ready and be safe. Connor MacIvor