The median price for single-family homes and condominiums across the Santa Clarita Valley increased in 2017, according to a report released Monday by the Southland Regional Association of Realtors (SRAR).
The 2,478 homes that changed owners last year sold for an average of $567,925, a 4.6-percent increase from 2016 but well off the 2006 record of $603,492. A total of 1,162 condos were sold in 2017, with a 6.0-percent year-over-year median increase to $359,167.
“The last three years have seen modest increases in local home sales and a more stable residential real estate market than what we saw during the boom of last decade,” M. Dean Vincent, chairman of the SCV Division of the 10,300-member SRAR, said in a news release. “Yet the demand for housing remains massive and more sales would have occurred except for the lack of properties listed for sale. Due to multiple market forces, I don’t see inventory increasing this year. This may be the new normal.”
There were only 319 homes and condos listed for sale at the end of December, the third-lowest monthly inventory on record, according to SRAR’s release. The 2017 monthly average of 459 listings ranked second lowest on record, trailing just 2013’s average of 436.
By comparison, 2006 showed a monthly average of 2,105 listings.
“Last decade, when sales soared and resale prices rose to record levels, owners raced to list their home for sale,” SRAR CEO Tim Johnson said in the release, adding that today’s owners may be hesitant to sell for fear of “finding another home due to the region’s severe housing shortage.”
Those who are selling continue to make money: The average sale price for homes and condos was up for the sixth consecutive year, though increases have settled into the single digits.
Realtors generated $1.94 billion for the SCV’s economy in 2017, not including home-sale related activities such as landscaping and home repair, according to the report.