It has been a while since we have produced our Resources for the Cities Within the Santa Clarita by bullet points. This is our weekly real estate update for the Cities that compose the Santa Clarita Valley. While the holidays are not as "active" as other parts of the year, we have been watching as there is a lot of real estate inventory entering escrow with with regard to properties for sale in the SCV.
Watching the current trends and numbers in Single Family Residences can be seen with our Newest Market update reports for the Santa Clarita Valley Cities. Click on each of the links(at the bottom of this page) to view each city with more detail. And click through twice on each link...
Here is a break down on the report for Castaic California and the Single Family Residences therein:
For the week of December 24, 2012 in Castaic CA we have seen as the Median list prices have reduced to a level of $329,999.00. This is a downward trend for Castaic CA. This report is referencing Single Family Homes only. Condo's and Town-homes are part of a different report we will be posting tomorrow at this very Same Sellers real estate blog for Santa Clarita Ca.
We have noted that there is a price per square foot decrease to $164.00 a square foot. However, the Days on the market, the times it takes a property to sell has increased to 108 days. When we see this trend we can determine a couple of things. Lending is becoming more difficult to obtain, getting approved for loans and to close them, is like pulling teeth :) We can also deduce that the property involved has some sort of "requirement" in order to sell. It may be a short sale that has to be negotiated. It could also be a Foreclosure that is waiting on investor approval. Both of these scenarios could increase the "days on market times".
Over 1/4 of homes that are for sale experienced a price decrease during this week from the week before. In today's Castaic real estate market, that typically has to do with the appraisers in the employ of the Buyers seeing that the home is worth less than the amount they had the home listed for. The fault could be with the seller, with the bank (if a short sale) or with the bank (if a foreclosure). When the buyers appraiser does their job in appraising the home for sale, they may come in with a very different number. This is when we start seeing price reductions in the current Santa Clarita real estate market.
Prices typically increase when we have other real estate factors at play. It could be that during the short sale approval process, the bank determines that the home is being sold at less than fair market value. This could be the fault of the agent undercutting the real estate market or potentially the short sale seller being misinformed. The bank who owns the asset, in doing their due diligence, determines that the home should be sold for more than the agreed upon list price and for more than the current offer that is in place. So, they increase the price of the home. That is what we have seen in this numeric - an increase of 4%.
All of these reports and their data are obtainable for you by email. All you have to do is to visit our Reports Pages for Santa Clarita real estate. Visit and subscribe to any of the reports you desire. You can choose from full city reports for the Santa Clarita valley or by zip codes, thereby narrowing the results of your real estate data. The reports get emailed to you very week so you can see what we talk about on our Santa Clarita sellers blog.
We placed the homes sold chart combined with the median sales prices for Castaic CA below on this interactive graph. This renders the Single Family Residence history and it's current days on market time-frames We are happy to supply you with the data and if you want more with regard to the other Cities in the Santa Clarita Valley - Please head over to our Santa Clarita real estate website(paris911 dot com) and type into the macBoX the word "Prices". Or you can click here to get to our Santa Clarita Housing prices pages.