Home sales in the Santa Clarita Valley remained exceptionally strong during September.

A total of 330 single-family homes closed escrow in September, only 2 sales or less than 1% off from the same period a year ago. The 173 condominiums sold during September, which is the highest number of condos ever sold in the month, was a 40.7% increase in activity (more than 50 transactions).

“Buyers might be a little more thoughtful, a little more hesitant than a year ago before they agree to buy a home or condo,” said Mike Davis, president of the Association’s Santa Clarita Valley Division, “but they are not waiting very long, they still have great faith in the market and most buyers are driven by a burning desire to own a home in the Santa Clarita Valley. ”Prospective buyers in other communities may ask questions about a ‘bubble,’ but not in our Valley,” Davis said. “There are still far more buyers than there are properties listed for sale in all price categories.”

The active inventory included 1,123 listings at the end of September, down 14.3 percent from a year ago, but up 32.7 percent over the August 2005 tally. “A 33 percent increase is significant,” said Jim Link, the Association’s executive vice president, "yet the number of total listings is still so low that any increase will have a dramatic effect.”

The median price of the 330 single-family homes that closed escrow last month was $594,500, up 20.1% or $99,500 over a year ago. It broke the prior record high of $580,000 reported in July and August of this year and inched closer to the $600,000 benchmark – a level that seemed unthinkable half a decade ago when the annual median resale price was a mere $247,400.

Pending escrows fell 7.7% from the numbers reported a year ago, but the decline could be related more to the limited inventory and seasonal factors. Sales typically taper off as school begins, holidays approach and the year winds to a close.

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