If you want to enjoy the dense suburban atmosphere, fine dining, coffee shops, and parks, head to Santa Clarita Valley, California. Real estate statistics and figures show that the average home price in Santa Clarita Valley has risen. But it’s not just the Santa Clarita Valley, but the entire real estate market has seen an increase over the last three years. The value of homes in Santa Clarita is expected to rise even further.
The average home price in Santa Clarita Valley, California, was $619K in December 2020. The average selling price was $62,000, and the average listing price / square foot was about $352. .The Santa Clarita Valley was still on the market last December, with more people than there are homes. On average, houses are held in the Santa Clarita Valley real estate market for 56 days. The average day’s trend in the Santa Clarita market in California increased last month but has declined slightly since the start of 2021.
Real Estate Statistics in Santa Clarita
Since the Southland Regional Association of Realtors (SRAR), one of the most significant local associations serving the Santa Clarita Valley, has surveyed real estate businesses over the years and explains the variations over a period of time.
According to SRAR’s report, Realtors closed 215 single-family homes and 90 condominiums across the Santa Clarita Valley in July 2018. Making July 2018 the highest total monthly sales for all months so far. Realtors speculated that it was affected by seasonal factors and an abundance of homes listed for sale. Currently, there are not enough homes under construction in Santa Clarita Valley. As a result, mid-price homes rose, and at some point, finding an affordable home will become an issue.
An increase in the mid-price trend of homes was observed. The median homes that completed escrow in July were $600,000, up 2.6% from a year ago, but down 1.6% from $610,000 in June this year. Real estate market trends show an increase in average home sales of $10,000 last year. The value of Santa Clarita homes is expected to rise 4.6% compared to last year and above 4.3% next year.
The median of homes listed in Santa Clarita is currently $564,900, but the median of homes sold is $520,900. The average rent is $ 2,700. People now prefer rental homes instead of buying their own very expensive homes. The average price of a condo on the Santa Clarita market in July 2018 was $ 379,000. This is 7.6% lower than the record-high $410,000 condos funded in April this year.
As housing demand and economic factors increased, the need for affordable housing has increased and maintained a balanced housing market.
Santa Clarita Valley Increasing Listings
An increase in listings has been observed as housing demand increased. There were 672 active lists at the end of July 2018. There was only one short sale or foreclosure-related transaction in each category for single-family homes during July. That is, 98.7% of the combined home sales of 305 transactions were standard sales, including traditional buyers and sellers. This was an increase of 29.2% from last year, 2020.
Santa Clarita Real Estate Prices Are Rising. FAST.
Given the expected growth mentioned above and the potential for job creation, real estate demand in Santa Clarita Valley will be huge! One of the potential drawbacks for SCV growth is the lack of residential/commercial/industrial space. Santa Clarita is Los Angeles County’s tightest real estate market with the lowest vacancy rates for apartments, commercial and industrial spaces in the county. Prices are on the rise because of a shortage of real estate. According to a recent SRAR report, real estate inventories are growing by 30 to 35% in the Santa Clarita Valley. That said, inventory has almost doubled last year, and resale prices are rising, making now the right time to buy a home! Thus, anyone investing in real estate can earn valuable profits in the future.
Buying and Selling Property in Santa Clarita
Ready to buy a new home or take advantage of this seller’s market and sell your home? Working with the right loan officer with experience and knowledge of the area is crucial. Pacific Funding Mortgage Division is the leading mortgage expert within Santa Clarita, and we can’t wait to help you. Start our zero obligation 5-minute application and get pre-approved today!