A decline in inventory did not stop those in the Santa Clarita Valley from purchasing condominiums and single-family homes, pushing sales and prices up from one month ago.
According to the Southland Regional Association of Realtors, the rush of condominium purchases increased sales by 62.2 percent from February 2017 and by 44.6 percent from March 2016.
In total, SCV closed escrow on 120 condominiums, marking a three-month steady stream of condo sales.
“Clients tell me their push for condominiums is simple—condos simply are more affordable than single-family homes,” said Martin Kovacs, chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors in a statement. “And higher priced homes make qualifying for a loan much more difficult.”
The median price for condos in March 2017 was $345,000, an increase of 4.5 percent from one year ago when the median price was $330,000. Prices also rose 1.8 percent from February when the median condominium price was $339,000.
However, prices were still below the record high of $397,000 set in January 2006 before the market crashed.
Home sales in the Santa Clarita Valley also saw a slight increase in prices from one year ago. The median price for a single family home was $535,000 in March, up 2.8 percent from March 2016.
However, median home sale prices were also below the record high of $643,000 set in April 2006.
In March, a total of 203 homes were sold, which reflected a 53.8 percent increase in sales from February when 132 homes were sold.
Of the 323 home and condo sales during March, 95.4 percent were standard sales involving traditional buyers and sellers.
Only 10 properties, or 3.1 percent of the market, were foreclosure-related transactions and only four properties, or 1.2 percent of the market, were short sales.
For both homes and condominiums, limited inventory has slowed the number of active listings available to buyers.
At the end of March, there were 414 active listings, down 19.4 percent from one year ago. The number is close to the market’s record low of 312 listings reported in March 2013.
In addition, there were only 365 open escrows, down 8.7 percent from one year ago.
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