Santa Clarita Real Estate Market Update: April Was HOT!

Increases in home sales along with steady (And low) interest rates make for a great market in the SCV.

The Santa Clarita housing market remains on the upward swing with sales in April seeing a 36 percent upswing since February. There are currently 569 active listings (IE: Available homes for sale) in the Santa Clarita Valley communities of Valencia, Stevenson Ranch, Saugus, Newhall, Canyon Country and Castaic. Numbers do not include the ranch communities of Acton and Agua Dulce.

372 homes are currently in “back up” position, meaning an offer has been accepted by the seller, but they are still accepting back up offers from buyers. 298 homes are pending a final sale (Off the market and undergoing the escrow process).

318 homes closed escrow in April. Compare this to only 203 homes sold in February, and you’ll see that’s an increase of 36%.

Home values have increased nearly 7 percent since January 2014.

Mortgage Rates Still Holding Steady

Despite some industry analysts predicting that we’d see interest rates jump over 5% by 2014, we’re still seeing steady rates in the mid 4 percent range, which is where they’ve been since late Spring, 2013. The stock market AND bond market have both been positive lately, which is helping to maintain investor confidence in the area of mortgage securities.

This is great news for buyers who have been on the fence. Yes, prices are creeping up, but your purchasing power is still strong based on the mortgage market maintaining low rates.

As for “on the fence” sellers, inventory being what it is, you have less competition when it comes to listing your property for sale. While inventory rates are slowly rising, they’re still at near critical lows compared to a normal market where we’d see at least 1200 homes for sale at any given time.

So, you have low interest rates, which is great for buyers, and low inventory, which is great for sellers. Win win!