Despite what county Assessor Jeffrey Prang referred to as an “unpredictable and volatile year” for L.A.’s real estate market, property seems to remain a decent investment, with the assessed value up nearly 6% over 2022.
That’s especially true for Santa Clarita, which approached 9% in its year-over-year gains in net value, according to a statement from Prang issued via email through his spokesman Steve Whitmore.
“Santa Clarita continues to grow in assessed values for 2023,” Prang wrote. “In fact, Santa Clarita’s total net value places it at No.3 on the top-10 list, just behind Los Angeles at No. 1 and Long Beach at No. 2. Santa Clarita grew by 8.5% over last year, which is good for property owners and the city of Santa Clarita.”
The data comes from Prang’s annual roll, which creates the basis for the area’s property tax revenues, with the total approaching $2 trillion for more than 2.3 million properties countywide.
The 2023 Assessment Roll’s growth translates to a record $1.997 trillion in total net value that equates to about $20 billion in property tax revenue, according to a news release from Prang’s office.
In the city of Santa Clarita, there was a total of $44.85 billion in assessed value for the previous fiscal year, a more than $3.5 billion increase over 2022’s value.
That includes 70,341 total parcels, split among 65,156 single-family homes, 4,692 commercial or industrial properties and 493 of what are counted as residential income parcels, such as apartment complexes.
The median listing price for a single-family home in July, according to Southland Regional Association of Realtors data, was $899,000, and $580,000 for a condominium.
The assessor’s release did not break down any of the community totals for the unincorporated areas of the Santa Clarita Valley, including Acton, Agua Dulce and Stevenson Ranch.
Glendale, which is the closest city in population size to Santa Clarita at around 189,221 people, according to the latest Census data available (which has Santa Clarita at approximately 228,000), counted 43,546 parcels valued at almost $38.6 billion.
The city of Irwindale saw the biggest gain by percentage (10%), followed by Burbank and Cudahy, which both saw increases of 9.7%.
In terms of stocks versus real estate, the five-year average return for the S&P 500 stock index was 7.5%, according to the financial website Nerdwallet.com.