Condos Make a Comeback In May

After a few months of lower prices, condos took a surprising leap last month.

Statistics recently released by the Southland Regional Association of Realtors showed a bounce upward again in condo prices; rising $25,000 in Make your New Year real estate resolutionsmedian equity from April to $315,000.

Prices for Santa Clarita Valley condominiums have dropped in recent months, hovering in the low $300,000’s until April, where they tumbled to $290,000.

Home prices typically fluctuate in a normal market, so these numbers are not surprising. Interest rates, while ticking a few tenths of a percentage to just (barely) over 4% are not holding qualified buyers back from taking advantage of market conditions and getting into the home of their dreams.

Santa Clarita Real Estate Update For May 2015

495 residential properties were listed for sale in the Santa Clarita Valley last month, with 455 escrows opened. 381 homes closed escrow, and a total of 795 homes were available for sale. Average list price was $565,100 (Including both condominiums and single family homes).

12 homes were sold as foreclosures, with 13 sold as short sales, which remained relatively unchanged from April.

Rentals Are Scarce

Currently the Multiple Listing Service shows only 43 homes for rent across the entire Santa Clarita Valley, including the outlying communities of Acton and Agua Dulce. There are currently no single family homes listed for less than $2,000 per month.

That being said, what’s holding you back from purchasing rather than renting? Knowing that rents are scarce (And on the rise), this might be a good opportunity to find out if you qualify for a home mortgage loan, where your standard fixed-rate mortgage payment will never change at the whim of the marketplace, and you have total control over your property without worrying about rising rents or lease issues.

We are your full-service real estate professionals.

The Lichen-Hooper Real Estate Team are licensed, experienced, and ready to serve the needs of home buyers and sellers in the Santa Clarita Valley. Contact us today for a no obligation consultation, and find out how we can help you realize all of your real estate goals.

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