Local Realtors assisted the close of escrow on 126 homes and condominiums during January while the inventory of properties listed for sale rose to the highest level for the month since 2020, the Southland Regional Association of Realtors reported.
The 406 active listings were up 31% from a year ago, with condominium active listings surging a whopping 89% and single-family home active listings rising 16%.
“It’s the first time since 2020 that the January active listing total posted an increase,” said Anthony Bedgood, the 2023 chairman of the Santa Clarita Division of the 11,000-member Southland Regional Association of Realtors.
“The active listing tally shows great improvement, due most likely to slowing sales as a result of today’s higher interest rates on home loans,” Bedgood said. “As prices moderate, or even decline slightly, and inventory increases, prospective buyers soon enough will realize there are opportunities out there.”
Bedgood noted that the 406 active listings represented a 3.2-month supply at the current pace of sales. While below historical levels, that’s a dramatic improvement over the past several years when a two- or one-month supply or lower were the norm.
Local Realtors assisted the close of escrow on 88 single-family homes during January, down 54% from a year ago.
Similarly, condominium changes of ownership totaled 38 closed escrows, which fell 40% from January 2022.
“Fears over inflation or the possibility of a recession, while still present, appear to be receding,” said Paul Cauchi, the association’s chief executive officer. “That may lead to lower interest rates later in the year and trigger renewed interest by prospective homebuyers.
“Still, as prices soften or even decline in Santa Clarita,” he said, “now may offer reduced competition and more choices for buyers who understand current market realities and need to buy a home.”
The median price of the 88 single-family homes that closed escrow last month came in at $815,000, which was off 2% from January 2022. It also was below the $890,000 median price posted in April.
The 38 condominiums that changed owners last month had a median price — meaning half sold for more and half sold for less — of $490,000. That also was down 2% from a year ago and below the $593,000 median condo price reported in February 2022.
While sales have slowed, single-family homes in Santa Clarita still take an average of only 39 days to see a sale. That was up 17 days compared to a year ago.
Similarly, condominiums averaged 37 days on the market, up 19 days from January 2022.