Before we get “into” the real estate market snapshot and showing you one of the Board of Realtors with the Southland Regional association of Realtors updates, I want to take a moment to speak about toll free numbers.
(888)SCVnest – is ours. You may be thinking to yourself that “toll free” numbers are outdated and have no real estate application. That could not be further from the truth. In fact, we get a lot of our Santa Clarita and Greater Los Angeles Relocation clients contacting us via our Toll Free phone number.
Our REMAX Toll Free (888)SCVnest (888-728-6378) contributes to our Relocation Branding related to those who are looking to work with a REMAX Recommended Realtor, for those who are not in our Comfort Zone and locality. We have connections in all 50 states and have a high regard for those with whom we know personally that represent home buyers and sellers.
Onto the Daily News with Monthly Recap closing August 2016!
During the year, each and every month we have the Board of Realtors, more specifically the Southland Regional Association of Realtors give us the local housing data, for the Santa Clarita Valley market, in various ways.
When I’m gathering intel from the month before I start my research as the previous month, the one I’m reporting on, is coming to an end. I’m pulling the data, as far as closed real estate listings, housing price reductions, days on the real estate market changes, and other associated factors which are indicators as to the health of the Santa Clarita Valley housing market.
After I get my data, I go to the SRAR Website and pull other information such as statistical pages within the Multiple Listing Service itself.
Here is an example of what we post up each week and sometimes multiple times per week. This is a photograph of a chart depicting the real estate inventory within the Santa Clarita Valley cities over the past two years. This chart is an overview of the Single Family Residence inventory during the time period starting January 2014 through the current market levels related to homes for sale.
Active Status – Indicates the home is not within contract. There maybe offers, but those offers have not been executed by the actual home seller. In some cases, the offers may have been accepted by the home seller and the seller’s agent is within their grace period regarding the updating the Multiple Listing Service with the new home’s status.
Here is some great intel with a friend of mine in Real Estate Reporting some of the specific closing numbers and the state of the Santa Clarita Market from August 2016.
August 2016 (SCV)
Santa Clarita Valley Home, Condo Sales Slowing Compared to a Year Ago
Home and condominium activity in the Santa Clarita Valley during August followed a pattern seen in other communities in the Southland with sales down compared to a year ago while posting month-to-month gains from this July, the Southland Regional Association of Realtors reported on Thursday, Sept. 15.
A total of 244 single-family homes changed owners in August, off 1.7 percent from August 2015 yet up 4.3 percent from July 2016.
Similarly, 98 condominiums closed escrow, off 19.0 percent from 12 months ago, but up 4.3 percent from this July. Sales peaked this June when 265 homes and 127 condominiums sold.
“There are still plenty of people who want to buy a home, especially here in Santa Clarita,” said M. Dean Vincent, president of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “Yet like other regions, rising prices, while beneficial for sellers, pose affordability issues for buyers.
“The very tight inventory pushes prices higher,” he said, “but the pace of price increases will continue to slow until more people can afford to buy.”
The median price of homes sold last month was $539,000, the Association reported. That was up 3.1 from a year ago, yet off 3.8 percent from this July, which at $560,000 was the highest median price since September 2007. The record high median home price of $643,000 was set in April 2006.
The median price of condominiums that closed escrow during August was $347,500, which was 6.9 percent higher than August 2015 and 5.0 percent ahead of this July. The highest condo median reported since the market downturn was in May with a median of $349,500, which was 12.5 percent below the record high of $397,000 set in January 2006.
“Sellers are in a good position, though the lack of inventory for a replacement home keeps many from listing their home for sale, and there are plenty of buyers who are very interested in buying in Santa Clarita,” said Jim Link, the Association’s chief executive officer, “but as prices inch higher and inventory stays low, we’ll see an even tighter market.
“To win a home, buyers will need to make a decision the moment their Realtor finds a suitable candidate,” he said.
There were 623 active listings at the end of August, which was down 7.7 percent from 12 months ago. At the current pace of sales, that represents a low 1.8-month supply.
Pending escrows, a measure of future sales activity, increased compared to a year ago by 2.0 percent with 357 open escrows.
The Southland Regional Association of Realtors® is a local trade association with more than 9,500 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
When you are wanting to purchase or sell real estate in the Santa Clarita Valley, I always advise you to get your very own agent. One who is on your side 100%! Meaning, don’t go to the agent who is also representing the other side of the transaction.
Example, if you are a home seller, you want your own real estate agent to be on your side 100% and not to represent any of the real estate buyers.
If you are a homebuyer, you will want to have your real estate agent on your side 100% and only representing you and not the home seller too.
I know that most agents will “pitch” you about finding the buyer, having the home buyer, knowing they are going to bring the buyer for your home etc.. in order to save you money or to ensure the transaction will be more likely to complete/close – Be careful with this and make sure you reach out to me for more info regarding it.
Just in case you are wondering, this is not “super” popular amongst real estate agents. Some conduct themselves with regard to Dual Agency well. However, IMHO – it’s in the best interest of all parties and equates to a more transparent transaction when all parties are represented separately.