Santa Clarita Short Sale Information
Author:
Lauren Nemeschansky
Short sale in Santa Clarita
Short Sale, Short Sale Data, Short Sale Realtor
This short sale data includes Canyon Country, Castaic, Newhall and Saugus, Valencia, Stevenson Ranch. This report is based on statistics and data about short sales provided by the Southland Regional Association of Realtors.
Short sales in the Santa Clarita Valley
Between February 2012 and February 2013 approximately 1471 shorts sale closed in the Santa Clarita Valley. The median sales price was $300,000
Break down of short sales by city
415 homes sold with a median price of $250,000
141 homes sold with a median price of $320,000
133 homes sold with a median price of $250,000
294 homes sold with median price $325,000
89 homes sold with median price $380,000
399 homes sold with median price $3250,000
Foreclosures in the Santa Clarita Valley
In the same time period 715 bank owned properties total were sold in the entire Santa Clarita Valley. This means all of the cities in Santa Clarita and Stevenson Ranch and Castaic combined. Many less homes were sold as bank owned properties than short sales. Also there was a huge decline in the amount of bank owned properties sold in 2012 as compared to the previous year of 2011.
This is decline in foreclosures is probably because the banks are trying to work with distressed homeowners in approving more short sales rather than foreclosing. Also, the public is becoming more aware of short sale as an excellent alternative to a foreclosure. We expect that trend of more short sales being approved and less bank owned properties both coming on the market and being sold to continue in 2013.
Time of short sale homes on the market
In January 2012 the average time to short sale a home was 163 days whereas in February of 2012 the average time to short sale a home was much faster at 83 days.
The graph below shows how many days a short sale home was on the market in the Santa Clarita Valley between February 2012 and February 2013 . As you can see the short sales are remaining on the market for a shorter period of time prior to the close of escrow. This is largely attributed to new policies being established by the different lenders and banks in an effort to expedite the length of time for approving and completing a short sale.
Inventory of available homes in Santa Clarita
The inventory of homes available for purchase in the Santa Clarita Valley has declined steadily as can be seen in the graph below. Currently we only have 2 months inventory of homes, a balanced market is considered 6 months of inventory. This shows us that we have a severe shortage of homes available for sale in the Santa Clarita Valley. This appears to be part of a trend in the Los Angeles County area, and California in general. This is most probably a result of the lower home prices and attractive interest rates and buyer programs available which are causing more home buyers to make offers on the Santa Clarita inventory