Stevenson Ranch and Westridge zip code 91381 and Valencia's zip code 91354 reported double-digit median price increases over the February 2007 numbers. Santa Clarita, CA single family home sales statistics for February 2008 have arrived! The area with the largest decrease in median home prices was Castaic, closely followed by Newhall. Interesting to note is that these two areas showed the highest increases for October 2007. Only two areas showed median price increases, with both the Stevenson Ranch and Westridge zip code 91381 and Valencia's zip code 91354 reporting double-digit increases over the February 2007 numbers. Compared to Los Angeles County's October numbers, there was a decrease in the total number of single-family homes sold county-wide at 2,428 homes sold in February 2008 vs. 2,917 in October 2007, 4,444 in August, 4,629 in July and 5,049 in May, with a 14.5% decrease in the median price from February 2007 county-wide. Remember that February is still considered to be part of the "slow season" in the Santa Clarita area. Home sales will typically drop from month-to-month from September through December and then slowly start to pick up in January, so we need to look at prior year comparisons as well to get the most accurate picture of the Santa Clarita real estate market. The number of homes sold in Santa Clarita per DataQuick's statistics for February was 122, compared to the October 2007 sales of 99, as August sales of 209, July sales of 216, and to the May home sales of 186. Below is a table of the home sales for the Santa Clarita area for February 2008 by zip code. Remember that these are MEDIAN home prices, which means that half of the homes sold were above these prices, and half the homes sold were below these prices. These numbers are for single family homes only (no condos or townhomes). The percent change is from February 2007 to the current year's numbers. | Zip Code | # of Homes Sold | Median Price February '08 | % Change | | 91351 | 20 | $405,000 | -19.0% | | 91387 | 13 | $477,000 | -10.9% | | 91321 | 12 | $453,000 | -25.8% | | 91384 | 9 | $399,000 | -26.8% | | 91350 | 7 | $490,000 | - 7.6% | | 91390 | 10 | $545,000 | -20.4% | | 91381 | 16 | $868,000 | 14.6% | | 91354 | 17 | $625,000 | 10.1% | | 91355 | 18 | $480,000 | -9.9% |
When the median price for an area goes down, this could mean that the current trend is for the lower priced homes to be selling more frequently than the higher priced homes in the area, or that more REOs and short sales are being sold in an area, and does not necessarily mean that home prices are declining at these rates overall. When only a handful of homes has sold in an area, then the median price has less meaning since there's not enough data to calculate a true cross-section of that area. This month, both Newhall (91321) and Castaic (91384) experienced the largest dips in the median price of single family homes as compared to the February of 2007. Both Stevenson Ranch and Westridge zip code 91381 and Valencia's zip code 91354 (which includes Tesoro del Valle, West Creek and West Hills) had double-digit increases over last year's median prices. These numbers will differ somewhat from the MLS figures, since they include all recorded home sales, while the MLS will exclude FSBOs and most new home sales. Here's a quick look at February 2008 Santa Clarita single family home median prices vs October, August, July, May, April and March 2007 median prices: | Zip Code | February '08 | October '07 | August '07 | July '07 | May '07 | April '07 | March '07 | | 91351 | $405,000 | $400,000 | $519,000 | $485,000 | $494,000 | $499,000 | $523,000 | | 91387 | $477,000 | $580,000 | $630,000 | $582,000 | $725,000 | $613,000 | $528,000 | | 91321 | $453,000 | $598,000 | $536,000 | $530,000 | $673,000 | $544,000 | $510,000 | | 91384 | $399,000 | $525,000 | $468,000 | $510,000 | $650,000 | $515,000 | $593,000 | | 91350 | $490,000 | $439,000 | $528,000 | $548,000 | $548,000 | $513,000 | $526,000 | | 91390 | $545,000 | $600,000 | $725,000 | $679,000 | $714,000 | $649,000 | $669,000 | | 91381 | $868,000 | $820,000 | $938,000 | $850,000 | $813,000 | $814,000 | $830,000 | | 91354 | $625,000 | $600,000 | $570,000 | $552,000 | $633,000 | $600,000 | $570,000 | | 91355 | $480,000 | $640,000 | $600,000 | $570,000 | $569,000 | $563,000 | $600,000 |
On the foreclosure front, we're definitely seeing more bank-owned (REO) properties and short sales closing escrow than in prior months. You can see a summary of Valencia and Canyon Country regular sales, short sales and REOs here. While buying these homes takes a lot more patience and a better trained Realtor than a standard home purchase, those willing to ride the foreclosure roller coaster can often reap some big rewards. Sales statistics are only a starting point for determining how the real estate market is doing. If you're thinking of buying or selling in the Santa Clarita area, you'll need more detailed information in order to make an informed decision. Be sure to call Santa Clarita Realtor Linda Slocum at 661.670.0349 or email her for more detailed market information and personalized home searches. Looking for homes in the Santa Clarita area? Try our Neighborhood Home Searches to help find that perfect home! You can also get an instant Market Snapshot of your area to check on recent listings and sales as well as current trends. |
