Local home, condo sales see decrease

Home sales decrease by 9.4 percent, condominiums by 31.4

Sales decreased as costs increased for single-family homes and condos across the Santa Clarita Valley in April, the Southland Regional Association of Realtors reported Tuesday.

Condominium sales decreased 31.4 percent last month when 81 were sold, compared to 120 in March.

Home sales were down as well, with a decrease of 9.4 percent as 192 were sold while 203 were sold the month before.

This drop is normal as the year progresses, according to Santa Clarita Valley Division of the Southland Regional Association of Realtors Chairman Martin Kovacs.

“Condominium sales had to start falling eventually,” Kovacs said in a statement.

“No doubt rising prices impact sales, but the more

dramatic limitation comes from the extremely tight inventory of homes and condos listed for sale,” SRAR’s Chief Executive Officer Tim Johnson said in a statement.

The end of April saw a total of 479 active listings, the association cited, while there were 414 listings in March.

But, homes and condos are still in high demand.

“There simply are not enough properties available to meet normal demand, which would ease pressure on prices and reduce the number of multiple offers,” Johnson he said.

In April, the median cost a single-family home cost was $555,000, up from $535,000 the prior month.

Record high prices for April were recorded in 2006, with a home’s median cost of $643,000, which is a 13.7 percent higher than current prices.

November 2011 saw the record low for houses at $340,000, making current costs a 63.2 percent increase.

For condos, the median cost $365,000 in April, up from $345,000 in March.

January 2006 broke records for the most expensive condos at $397,000, an 8.1 percent difference from April 2017 prices.

The lowest condo prices were in July 2012 when the median sold for $170,000, showing a 114.7 percent increase for this April.

The same time a year prior, a condo’s median price was $348,000, when 118 sold.