Month over month numbers show growth in the Santa Clarita real estate market.
A total of 369 escrows closed in April, compared to only 261 in March. That’s 369 buyers now enjoying the benefits of home ownership in the Santa Clarita Valley. We also saw combined (Condominium and Single Family Homes) median prices continue to rise in April to $402,500. That’s a nearly 5% jump from March when combined median prices rose to $384,900.
We did see the number of active listings remain fairly flat, dropping by 21 homes in April as compared to March.
More Good News For Home Buyers
This past week, mortgage interest rates dropped to their lowest level this year, hovering at 4.21% as of the date of this article. While these rates aren’t at historical lows, we have not seen them in the low 4 percent range in nearly a year. These numbers defy financial analyst predictions that rates would hit 5 percent by 2014.
Buyers who are having a hard time deciding to move forward on a home purchase should seriously consider this as an incentive to take advantage of increased buying power.
Is it time to sell your home?
The good news for sellers is that many more homes in the Santa Clarita Valley are seeing a rise in equity. The market is now recovering at a much faster pace as the number of short sales and foreclosures have dropped significantly in the past year. For many home owners who were able to hold on during the “bumpy ride” of the Great Recession, increases in property values are a sign of better things to come as we see prices slowly (but steadily) rise month by month.
What does the future hold for the Santa Clarita real estate market?
This depends on many factors not just locally, but nationally. Mortgage rates have dropped due to an increase in the bond market, which in turn is motivating buyers to take advantage while they can. The number of homes for sale in Santa Clarita, while on the rise, is still about 5oo short of what we’d begin to consider a “balanced” real estate market, so it’s still a bit of a seller’s market. That being said, buyers and sellers have been in a great position to reap the benefits of low interest rates and rising home values.
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