"Oh No - not slowing. Spring, summer and the beginning of Fall are our busiest times in Santa Clarita real estate", agents say.
December of 2017 was warm and January - February of 2018 was hot, then the market just kind of went "aaahhhhh" and relaxed a bit.
Looking at the past year of history for Santa Clarita City Single family homes and residences we can see that the prices have increased on average approximately $25,000.00 - $30,000.00. This is between June 2017 and May 2018. Looking at the Days of Market times - To date, we are not having Santa Clarita homes selling as fast as they have at approx 10 days on the market before entering escrow - but we are close at approximately 13 days on market before entering escrow.
The data I ran for both charts was the following:
- Only Santa Clarita City Single-Family Homes were considered
- Data from the cities of Castaic, Canyon Country, Newhall, Steveson Ranch, Saugus, and Valencia are the cities I used in my research
- I pulled 365 days of history, the previous calendar year for SCV real estate only
- Single Family Residences also include Attached and Detached homes
- 3800 real estate listings in the Santa Clarita Valley were considered
Look at the Data Chart located below the plotted chart and see that the span for price range came in between $599,900 and $633,000. The Days on market timeframes are between 11 DOM, Days on Market, being the least amount of time to sell a Santa Clarita home and 26 DOM - which was the longest time to sell a Santa Clarita home during the past year.
A four-year history regarding Santa Clarita single-family homes and where we are today shows that properties have increased on average about $125k. between the last 4 year low point in April of 2014 and April of 2018.
Financing has remained steady where the various programs
- Conventional standard - 20% down payment
- Conventional - 3 - 15% down payment
- FHA - 3.5% down payment
- VA - 0 down payment
- Cash - No financing, an appraisal is optional
are still utilized within the home buying arena within Santa Clarita real estate.
For those of you who are interested in a condo or a townhome. FHA used to be all over in the SCV cities, every complex, every HOA controlled condo and townhome community was FHA approved. Today, as time progressed, we see fewer and fewer FHA approved townhome and condo communities within the Santa Clarita and greater Los Angeles areas. It's not about risk today, it's about FHA not being renewed after those complexes expired.
The slow down in Santa Clarita real estate is two-fold - increasing interest rates and poor(lacking) inventory for sale.
Also, the slow down is not a result of Santa Clarita home buyer pull back due to the increasing interest rate. The Santa Clarita real estate slow down is at the fault of potential home sellers.
No one can may anyone sell their home. However, the sellers have retreated a bit because of the higher interest rates. Applicable only if they are going to have to purchase a replacement home during the same transaction.
School is going to be out next week for most of the Santa Clarita School System, for the summer, that will potentially kick off busier internet traffic for both home sellers and buyers who's motivation is dependent on school-aged children.
I will promise you, my client, or not, I'll keep you updated as to where the Santa Clarita real estate market is on a weekly basis. All you have to do is fill out the following and I'll add you to our Video News I produce each week after tabulating the weekend events in Santa Clarita real estate.
I'm Connor MacIvor with REMAX of Santa Clarita - Valencia and I'm glad to be at your service with all of your real estate needs. Please reach out to us via our online channels or simply pick up the phone and call Santa Clarita Real Estate - 661.400.1720.