Santa Clarita Real Estate Market Report for August 2008
Santa Clarita Valley real estate sales for August 2008 continue to show median price declines from the previous year in most areas.
While the majority of the Santa Clarita Valley continues to show median price declines for August 2008 as compared to August 2007, the number of homes sold is showing some improvement. Investors are starting to buy homes again, and many Realtors are reporting that they are receiving multiple offers once again. In addition, many of the banks have finally put systems in place that make it possible to get final approval of a short sale in 30 days or less, so more of these distressed properties are being sold.
Acton had a surprising 24.4% increase in the median price of homes sold in August 2008 as compared to August 2007, and Castaic had the smallest decline for the remaining part of the region at only 4%. Canyon Country’s zip code 91351 had the largest decline in the Santa Clarita Valley at 45.7%, and also the area’s lowest median price at $282,000.
The table below shows single family home sales only, with the percent change in median price between August 2008 and August 2007. Remember that the median price is determined somewhat by the price range of homes that have sold, where a larger number of lower-priced homes sold will bring down the overall median price. Jumbo loans, or those over $417,000, continue to decline in the Southern California region.
| Area | Zip | # of Sales | Median Price | % Change | Median Price/SF |
| Acton | 93510 | 8 | $520,000 | 24.4% | $200 |
| Canyon Country | 91351 | 31 | $282,000 | -45.7% | $212 |
| Canyon Country | 91387 | 14 | $445,000 | -28.2% | $230 |
| Castaic | 91384 | 17 | $449,000 | - 4.0% | $214 |
| Newhall | 91321 | 13 | $413,000 | -22.9% | $224 |
| Saugus | 91350 | 22 | $410,000 | -22.9% | $243 |
| Saugus | 91390 | 21 | $590,000 | -19.2% | $198 |
| Stevenson Ranch | 91381 | 18 | $717,000 | -23.5% | $238 |
| Valencia | 91354 | 17 | $467,000 | -18.1% | $216 |
| Valencia | 91355 | 12 | $475,000 | -20.8% | $237 |
| Los Angeles County | All Zips | 4,311 | $385,000 | -35.7% | $275 |
According to DataQuick, a total of 19,366 new and resale houses and condos closed escrow in Southern California in August 2008. That was down 4.7% from 20,329 in July but up 9.1% from 17,755 in August 2007. So does this mean that the Southern California real estate market is recovering? “Some expect prices to bottom out soon, too,” says John Walsh, DataQuick president. “That may happen, but history suggests that few of us will time the bottom precisely.”
What about foreclosures? How are they affecting the current statistics? DataQuick reports that foreclosure resales made up 45.5% of all Southern California resales last month, up from 43.7% in July and 10% a year ago. These figures represent the percentage of homes resold in August that had been foreclosed on at some point in the prior 12 months, and exclude short sales or preforeclosures. Foreclosure resales were highest in Riverside County, at 65.2% of resales. Riverside County also shows the largest overall sales increase in the Southern California region, driven mainly by bargain hunters picking up bank-owned (foreclosed) properties.
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