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SCV Condo Prices Up in April 2009 »

According to the Southland Regional Association of Realtors, SCV single family homes (SFH) sales closing escrow increased 20% year over year for the month of April 2009 while condo sales decreased about 12%.

There were only 1,119 active listings (single family and condos combined) at month end, down 44% year over year. Based upon the current rate of sales, this inventory is equivalent to only a 4.1 month supply vs 8.2 months as of April 2008.

While the median price of SFH’s decreased 14.6% year over year it was actually up 2.5% over the previous month. Condominium median prices decreased 10.4% year over year but managed a whopping 25% increase over the previous month of March 2009. This figure may not be statistically meaningful as only 59 condos closed escrow in April 2009 and 58 in March 2009.

The low level of listings in the multiple listing service combined with record high affordability and availability of financing appears to be creating a bottoming of the market – pricewise. Sellers are slow to move as evidenced by the above-mentioned low supply of inventory which is bumping up prices month over month. It remains to be seen how an unlisted backlog of foreclosures and bank owned properties will affect the market as these inventories start getting released.

This report was compiled from data provided by the SoCal Multiple Listing Service and the Southland Regional Association of Realtors. The Santa Clarita Valley is comprised of the following localities; Castaic, Canyon Country, Newhall, Saugus Stevenson Ranch and Valencia.

Phil Levy, http://www.jpscvrealty.com/
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