Prices are up
According to NAR - the National Association of Realtors, we are recording real estate listings that are selling for 17.2% higher than one year ago.
Median home sales prices across the United States are up an average of 13.7% - in the Santa Clarita Valley cities - we are up in excess of 25% in Stevenson Ranch alone, which is the "highest average increase" throughout the Santa Clarita Valley Cities.
Super Graphic Resource
If you want more intel on those home prices and to see a home pricing graph that will blow your socks off - all you have to do is go to our MacBoX resource on the home page of our Main Santa Clarita real estate website and type the word prices into it.
Once you do you will be able to choose the city of Stevenson Ranch and then expand the graph. Don't forget to expand the graph with the slider at the bottom. When you do, you will be viewing the Stevenson Ranch real estate prices back to the height of the real estate market late 2006.
You will then appreciate the 25% increase in sales prices over the past several months in Stevenson Ranch, which would indicate we are very close to the last "height of the market".
Looking at the report from the National Association of Realtors - you will also notice that the inventory is down 5% on a national level and is showing nationwide a 5.1 month supply.
In the Santa Clarita Valley cities we are around a 45 day supply of inventory - about 1 and 1/2 months(lower than the national average). This is commonly referred to as the absorption rate and is the current housing that is on the market, if nothing else was listed, at the current rate of sale, how long we it would take us to be at zero units of inventory. If you want a more detailed explanation of absorption rate, all you have to do is type those words into the MacBoX at paris911 dot com - "Absorption Rate" without the quotes.
More Foreclosures coming?
Distressed Sales are down on a national level, but we have been talking about on our Santa Clarita foreclosure blog that in some states there has been an increase in foreclosure related activity. This is due to those states being 'judicial' in nature.
Meaning they have a "process" before taking back a foreclosure for non-payment. In some states, on the day after a person is 30 days late, they have breached their contract.
The "mortgage holder" can go with the sheriff and take back possession of the property. In most other states, there is a much more complicated and longer process in place.
Those states are now starting to finish their distressed inventory, having their fate decided upon by the local courts with their judicial processes.
Please, whatever you do, work with only seasoned real estate experts in this market, or any market for that matter. We operate a large team at REMAX of Valencia CA and have personnel in place that are experts in the field of real estate.
Give us a call when you are ready or shoot us an email - you will be well taken care of. firstname.lastname@example.org