Santa Clarita Real Estate Market Report
Santa Clarita Home Sales Down! But I think you already knew that, right?
Here are the figures:
In July 2007, the Santa Clarita Real Estate market saw 277 homes change hands. Of that amount, 193 were single family homes, and 83 were condos.
With respect to the single family homes, the amount of 193 homes sold, is down 18.1 percent from a year ago, and down 5.8 percent from June 2007.
The change in condo sales is both good and really bad. In July 83 condos sold in Santa Clarita, that represents a nice increase by 16.9 percent from June 2007! "But wait, there's more"...it is also down an ugly 32 percent from a year ago! Ouch!
Next, we take a look at inventory! By the end of July 2007, Santa Clarita real estate market had 2,358 homes for sale. That amount represents an 8.5 month supply of homes for sale, based on the current pace of home sales. Experts tend to say a "healthy real estate market" is marked by a 5-6 month supply of homes for sale. So we are definitely, as if you didn't know, in a buyer's market. In the good'ol sellers market, there was less than a 1 month supply of homes, at the pace homes sold back in the day (early part of this decade).
By the end of July 2007, there were a reported 286 homes in escrow, not yet sold. That figure is key to understanding the following months final sales numbers (August 07). A year ago, that number was higher by 18.3 percent, and in June 2007, there were 2.1 percent more homes in escrow, set to be closed in July.
Something definitely worth noting to many of the people on the sidelines waiting to buy a home after the dust settles...many of the gains you have made by way of decreases in home values, which in theory allows you to buy more home for your dollar - when your ready - have been off set in many cases, by the increase in mortgage interest rates, especially non-conforming Jumbo loans ($417,000+).
Prices are going down. But not everywhere. Santa Clarita is made up of many sub-markets. Some are still hot, selling for top dollar and denoted by very low inventories, and many are - well, not.
If you would like to be guided through the maze of good buys from bad buys...call Robert Mickalson at 661-373-2374.
If you would like to be guided through the process of how to successfully sell your home in today's real estate market...call Robert Mickalson at 661-373-2374.
Remember...when buying or selling Santa Clarita real estate, call me 1st.
Robert Mickalson, Realtor
Vintage Sotheby's International Realty
661.219.2260 or 661.373.2374
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