Inventory of Santa Clarita Homes for Sale Remains Very Low

Low housing inventories in the Santa Clarita Valley mean that buyers continue to compete against each other for available homes.

The number of homes for sale in the Santa Clarita Valley remains very low as we approach the Labor Day weekend.

Here’s a quick snapshot of Santa Clarita real estate activity as of September 1, 2009:

Detached (single family) homes:

• Available for Sale: 384
• In Escrow (includes Pending and Backup status): 638

Attached homes (condos and townhomes):

• Available for Sale: 139
• In Escrow (includes Pending and Backup status): 336

Total homes (detached and attached):

• Available for Sale: 523
• In Escrow (includes Pending and Backup status): 974

Of these homes, it’s likely that a large percentage of the “available” homes already have multiple offers on them, since many Realtors are not complying with the MLS rules stating that short sale listings should be changed to backup status as soon as the seller (not the bank) has accepted an offer. These homes can remain in active status for months as the banks wind their way through the lengthy short sale approval process.

The low real estate inventory in Santa Clarita means that many buyers are finding that it’s difficult to get an offer accepted on a home, since they are often competing against several other buyers for the same home. This means that the buying strategy needs to be much different than it was when the market was still slow-moving and there were plenty of homes to choose from. Having a highly-qualified Realtor and lender on your team are critical in this market, both for guidance and for negotiating power when you do submit an offer on a home. Patience is often needed as well, since a lot of the homes currently available for sale are short sales, and thus you may have to wait a few months before your offer is accepted by the bank.

Santa Clarita Realtor Linda Slocum is a Certified Distressed Property Expert (CDPE) specializing in Santa Clarita residential real estate and short sales. You can reach her at 661.670.0349 or at Linda@SantaClaritaRealEstateBlog.com. Data is extracted from the SoCalMLS and is deemed reliable, but is not guaranteed.