Things have changed quite a bit in the last year! It’s unbelievable to look back a year ago, and see where we are today with inventory, and the scramble buyers are dealing with trying to find homes. In January 2013 Santa Clarita had approximately 213 Homes for Sale – well below what is said to be “Normal Range”. Most of these homes were equity sales which we haven’t seen in while it seems. Suprising is that short sales and foreclosures seemed to dissappear overnight. This shortage left buyers scambling to try and find any home that they could make their own, and throughout the year Santa Clarita saw an amazing increase in appreciation of home prices almost 19% from 2012 levels.
Fast-Forward to today (2014) and while the number of homes for sale has nearly doubled the market environment itself hasn’t changed much. Although inventory has increased about 99% Buyers are still competing for properties at certain price points. Multiple offers are still out there, yet prices remain flat. Sellers are in a great position to sell today, and Buyers can get a great deal.
Here is a snapshot below. If you have any questions, want information regarding a specific neighborhood/area that you are thinking of buying/selling/investing please let me know. I am more than happy to provide you the information.
JANUARY 2014 MARKET STATS
423 – Active Listings | +99% from Jan. 2013
Of the Active Listings:
• 366 – Equity Sales
• 35 – Short Sales
• 19 – Foreclosures
419 – Homes Pending Sale / Backup
260 – Homes sold in the last 30 Days
3,726 – Homes sold in the last 365 Days (Avg. 318/month)
Approx Average Sale Price: +19%
December 2013: $429,458 vs December 2012: $360,555
What will 2014 Bring? Nobody knows for sure, but in my opinion I think that we will see mild appreciation and a healthy real estate market. The number of homes that are for sale will increase and Buyers/Sellers will find some balance. However, if interest rates increase as they are expected to I think affordability will drop and could cause the market to remain stagnant, and even decline in value slightly to offset the change in rates.
Includes: Canyon Country, Newhall, Stevenson Ranch, Valencia, Saugus, and Castaic Information is deemed to be reliable, but not guaranteed. Statistics taken from Multiple Listing Service Database.