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SCV Real Estate Market Update - the Holiday Edition
Is the real estate market picking up or is it slowing down for the holidays? Let's review the statistics for Santa Clarita Valley this month. Currently there are 405 contracts pending in the market overall, leaving 1,233 homes still for sale. The resulting pending ratio is 24.7 percent (405 divided by 1,233). But what does that mean?
A pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $0 to $100,000 price range has the largest number of contracts that are currently pending. The $300,000 to $400,000 price range has the largest active inventory with 314 homes for sale.
A total of 1,717 homes have sold in the last six months with an average sold price of $377,570. Alternatively, 883 listings have expired in that same period of time. (Listings may expire for reasons like being priced too high, inadequate marketing, poor condition of the home, or an owner's second thoughts about selling.)
Breaking it down, we see that more homes have sold in the $300,000 to $400,000 price range than any other. The $300,000 to $400,000 price range also has the largest number of expired listings at 195 homes.
Homes currently for sale have been on the market for an average of 107 days; active listings in the $300,000 to $400,000 price range have been on the market the least amount of time at 82 days.
Analysis of sold homes for the last six months reveals an average time on market of 81 days. Notice that homes in the $1,000,000 to $1,100,000 price range have sold the quickest over the last six months at 69 days on the market. This is a very interesting statistic.
The average sold price for the last 30 days is $355,083 with an average of 87 days on market. Since the recent days on market is greater than the average days on market for the last 6 months, it is a negative indicator showing a decrease for demand.
For a free complete copy of The Suess Team Real Estate Report, visit www.scvrealestatereport.com or call 661-702-4640.