The local Santa Clarita real estate market has been booming as of late, watching as the local realtors are scurrying to make a deal and to get their clients into escrow. The reason for this is because we have been experiencing an increase in real estate inventory.
The other reason is like the water build up behind a dam – when it is stretched thin, the next thing that might happen is the dam will give way.
In the current real estate market, we are watching as the local inventory has been stretched very thin, and it’s about to give way… Exciting times for sure.
This is the beginning of a market shift from a Sellers market to a buyers market. Feel confident that we are on our way to a stabilization, and some are saying a reduction, with regard to housing prices.
Be safe – search well and let us know when you are ready to MOVE.
Most of the time, when real estate enters the picture, there are several things that you can apply to any local market to deduce whether or not that market is going to be increasing, decreasing, or staying the same.
With regard to the market updates that we have completed the are several things that you need to know first off, is the report for Valencia California.
If you look at the report that was generated Monday, September 16, 2013, for Valencia California condominiums and townhomes, you will see that within Valencia we are showing a flat price trend.
Median list price for Valencia California condominiums and townhomes rings in at $301,500.
Asking price per square foot of Valencia condominiums and townhomes is showing $245 per square foot and that is also a flat price trend.
Average days on market is 44 which is an increased amount of time, just like we’re seeing with regard to the single-family residences.
Percentage of properties with price decreases for Valencia condominiums and townhomes here in the Santa Clarita Valley, that’s going to be 22% which is three percentage points below the single-family residences here in Santa Clarita Valley.
So, where does that take us today, very simply we are on our way to market recovery, starting to move from a 100% sellers market, into a balanced market, and then eventually into a buyers market.