Santa Clarita April Home, Condo Sales Fall 42%
The Southland Regional Association of Realtors, or SRAR, reported that in April, 217 homes and condominiums were sold in Santa Clarita, a 42% decrease from the previous year.
However, the persistently low inventory of properties listed for sale helped to stabilize prices.
Anthony Bedgood, chairman of the Santa Clarita division of the SRAR, said.
“Sales prices have steadied in Santa Clarita. Despite the low sales number, housing prices have stabilized and increased in the last few months. However, the real estate market is grappling with affordability and the lack of inventory, with a historically low 1.3 months of housing supply in Santa Clarita.”
The inventory appears to have impacted a few different areas in the most recent figures from the association.
Year over year, the number of new listings and the number of active listings are both down significantly, 45% and 35%, respectively, according to the latest figures from the SRAR.
The median sales price for a home dipped about 8% in the year-over-year data for April to $825,000 for a singlefamily home and $500,000 for a condominium.
The volume of sales is down about 44% to $460 million as of April in the year-over-year data.
Local Realtors assisted the close of escrow on 144 singlefamily homes during January of this year, down 46% from a year ago. Similarly, condominium ownership changes totaled 73 closed escrows, which fell 31% from April 2022.
“Even with the challenges, the real estate market is incredibly resilient in Santa Clarita. As they head into the traditionally strong summer months, they will likely see more activity,” said Paul Cauchi, CEO of the SRAR.
The rising interest rate also has continued to stoke fears about a slowing market in the future.
Finally, while sales have slowed, single-family homes in Santa Clarita still averaged only 36 days to see a sale, up 24 days from April 2022 and condominiums averaged 25 days on the market.
The SRAR is the leading advocate for home ownership, property rights, land use, water rights, parcel taxes and commercial real estate interests in the San Fernando and Santa Clarita valleys.
The SRAR is a professional trade association with 11,000 members and is one of the largest local associations in the nation. SRAR local market statistics are compiled from all available data share partner information accessible through CRMLS and may not represent complete activity for the San Fernando and Santa Clarita valley areas.