August condo price sets record high

Santa Clarita Valley Business Journal
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Pushed by low interest rates, single-family home sales increased 8.7% during August, while the median price of condominiums that changed owners tied the record high and the inventory of properties listed for sale fell for the second consecutive month, the Southland Regional Association of Realtors reported in September. The 238 home that closed escrow last month fell 9.5% from the July total of 263 sales, which was the year’s best monthly tally and the highest since June 2018. Realtors also assisted 101 condominium sales — down 12.9 percent from a year ago but up 24.7% from July.

“There’s plenty of demand for housing in Santa Clarita driven in part by low interest rates and limited by inadequate supply,” said Amanda Etcheverry, the 2019 chair of the Santa Clarita Valley Division of SRAR. “Some buyers are cautious, but others understand that a low interest rate gives them powerful, added buying power.” After four months above the 600-listing benchmark, properties listed for sale fell 22.6 percent during August to 541 active listings, the Association reported. It was the second consecutive month that listings fell following 13 consecutive monthly increases.

At the current pace of sales, the inventory represents a 1.6-month supply, a level not seen since June 2018 and woefully inadequate to meet demand.

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