Santa Clarita Valley residents bought more condominiums in July than they have in 12 years.
July saw 132 condos sold, the highest since September 2005 when 173 escrows closed, according to the Southland Regional Association of Realtors.
“In addition to affordability, buyers focus on existing condominium purchases because there are few condominium projects under construction locally,” said SRAR Santa Clarita Valley Division Chairman Marty Kovacs said in a statement.
Sales in July increased 40.4 percent from this time last year when 94 were sold and increased 10.9 percent since last month when 119 were sold.
“Buyers often prefer new construction over existing homes or condos, but today there is little inventory available for sale in either category, regardless of price range,” he said.
The median price of a condo in July was $358,000, up from to $331,000 last year but down from $370,000 last month.
Also, 222 houses were sold in July, a decrease of 27.7 percent from a record-breaking 307 in June and a decrease of 5.1 percent from 234 in July 2016.
Buying a home was a median price of $584,600 in July, an increase from $560,000 in July 2016 but a decrease from $586,000 in June.
In total, there were 520 active home and condo listings in Santa Clarita at the end of July, a decrease of 16.9 percent from last year. This is about a month and a half’s supply, based on current sales, according to SRAR.
Home and condo sales have continued to decrease since January 2015 with only two exceptions, cited SRAR’s Chief Executive Officer Tim Johnson.
“Sales would be much closer to a decade ago if only there were more homes listed for sale,” Johnson said. “As a result of the tight inventory and pent up demand for homes, especially in lower price ranges, prices likely will continue to rise, though at a slower pace.”
Pending escrows, which SRAR said is an indication of future sales activity, increased 11.4 percent since last year to 370 combined homes and condos.