Sales of homes and condominiums increased in the Santa Clarita Valley, despite a significant decrease in the number of units available for sale in February.
Single-families home active listings went from 366 in February 2016 to 294 in February 2017 and available condos decreased from 143 to 71, the Southland Regional Association of Realtors reported Wednesday.
“February sales numbers highlight the realities of a low inventory market and affordability constraints,” Tim Johnson, chief executive officer of the Southland Regional Association of Realtors said in a statement. “Rising interest rates typically push more buyers off the fence, but finding an affordable home will remain a challenge.”
The number of homes sold this year is nearly on par with last year, as 132 were sold this February compared to 136 homes sold a year ago. In January, 123 homes sold.
The median price in February was $535,000 compared to $530,000 a year ago. In January the median price was $560,000.
These changes follow typical seasonal patterns, according to the statement from the Southland Regional Association of Realtors.
Condo sales soared over a year ago. In February of this year, 74 condos sold compared to 55 a year ago. In January, 69 condos sold.
The median price for a condo sold in February was $339,000, compared with a median price of $335,000 a year ago. The median price in January was $360,000.
While condo sales increased in the Santa Clarita Valley by 34.5 percent since last year, the number of houses available for sale is the lowest it has been since 2013.
“The surge in condo sales may be attributable to a simple fact: condos cost less than single-family homes,” Martin Kovacs, chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors said in a statement. “Condos remain the most affordable way for first-time buyers to become homeowners.”
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