Has Santa Clarita hit the bottom of the real estate market?

Cherrie & Zach
Published on July 30, 2012

Has Santa Clarita hit the bottom of the real estate market?

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The golden questions this year from SCV residents has been “Has Santa Clarita Real Estate market hit bottom?”
Santa--Clarita-Real-Estate-Market-Hit-Bottom

Santa--Clarita-Real-Estate-Market-Hit-Bottom

Without a crystal ball it is hard to be clear where our local market is going. However we can go on historical data and continued economic growth stats. You will hear me mention “

local market” many times because we are a market of our own and do not compare to some of our surrounding areas or national stats.
We all know that Mortgage Rates are at a all time low. Reaching an all time low! The average rate for a 30-year fixed-rate mortgage dropped 0.04 percentage point to 3.49%, according to the weekly survey by Freddie Mac. Meanwhile, the 15-year fixed-rate fell to 2.80% from 2.83% the week before. Rates have fallen or matched lows for 13 of the past 14 weeks.
Santa Clarita Valley continues to pride itself on job growth. The City of Santa Clarita’s economic profile is one of the strongest for a city of it’s size. We have maintained our Enterprise Zone which supports growth in local businesses and added tax benefits. Our unemployment rate in Santa Clarita was approx 8% in 2010 while in today’s economy we hold strong at 6.8% unemployment rate. The state of California is on average has a 11% unemployment rate and Nationally is near 8%.
Housing inventory in Santa Clarita is has reached bottom as of today! We have followed our local inventory and stats over the last few months and we have yet to see an increase in inventory.  All the housing numbers show us that there is no end in sight and we will not see any dramatic flood of inventory for our local market. Both the number of pre-foreclosures and bank owned homes are down while the number of Standard sales are up. Certain price ranges mostly the lower end of the market have seen a subtle increase in price. Example a 3+2 home in Saugus was available in the high 200’s. Now with inventory low and a demand from buyers we are seeing these same homes sell for the the low 300’s.
March Santa Clarita Real Estate Stats
Total Active Listings 844
Standard Sales 327
Bank Owned (REO) 133
Short Sales 374
Total Pending Sales 993
183 Standard Sales
154 Bank Owned (REO)
656 Short Sales
April Santa Clarita Real Estate Stats
Total Active Listings 705
Standards sales 407
Bank Owned (REO) 95
Short Sales 203
Total Pending Sales 1105
Standard Sales 208
Bank Owned (REO) 180
Short Sales 717
Sold sales from March to April 314
115 Standard Sales
89 Bank Owned (RE0)
110 Short Sales
From Realist Tax Rolls total Bank owned homes in the City of Santa Clarita were 639 in April 2012. 
July 27th Santa Clarita Real Estate Stats
Total Active Listings 454
Standard Sales 271
Bank Owned (REO) 42
Short Sales 141
Total Pending Sales 1157
Standard Sales 227
Bank Owned (REO) 99
Short Sales 821
Sold for the last 30 days June 27-July 27
Total 345
Standard Sales 137
Bank Owned (REO) 64
Short Sales 144
As of  July 27th 2012 From Realist Tax Rolls total Bank owned homes in the City of Santa Clarita are 434.
So where do you think our market is headed? With these facts and economic stats for the City of Santa Clarita have we hit bottom? Or maybe bottom has passed us? No one can predict the future and what happens after elections but we can all look at what is relevant and know that many of these numbers are at it’s all time low. The price for gas, groceries, childcare has all gone up but the one market that has not gone up in the last 6-7 years is the housing market. We are building strength and supply and demand are going to be a huge factor. Some still say “well no one can get a loan now days” clarification… only qualified borrowers can get a loan now days which will help aid for a healthy strong long lasting growing market.
To find out which loan programs that may help you purchase or move up please feel free to contact us.
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