Equity has risen nearly $40K since January.
A report recently released by the Southland Regional Association of Realtors showed the median price of condominiums in the Santa Clarita Valley rose by $9,000 in October over the previous month.
The median price reached $89,000 last month, showing a total of $39,000 in equity gains since the beginning of this year, when prices averaged $250,000.
What has triggered this rise in condo prices?
First of all, the real estate market overall has had a pretty good year. We’ve seen stability in the marketplace for both condos and single family homes across the Santa Clarita Valley. Buyers have also enjoyed the benefit of low interest rates that have recently dropped back below 4 percent. The lending market, having instituted guidelines for Qualified Mortgages (QM) has boosted confidence in the real estate community by insuring that buyers who qualify for a home loan can TRULY afford the home they are purchasing. This has given a boost to mortgage investors as well. This is extremely important in the continuing recovery and growth of the real estate market.