Home, Condo Median Listing Prices Reach Record High

BY SCV BUSINESS JOURNAL STAFF

The area’s largest real estate organization, the Southland Regional Association of Realtors, or SRAR, has reported that in May 2023, 289 homes and condominiums were sold in Santa Clarita Valley.

These figures represent a 34% increase from the previous year.

“This remarkable trend began in January 2023 when only 128 homes and condominiums were sold,” according to a news release from the SRAR. A leading real estate expert pointed out that while there might not be much in the way of supply, the shortage seems to have pushed the listing price to a new record.

“The housing supply remains incredibly tight, with an average of 1 month of available inventory on the market,” said Anthony Bedgood, chairman of the Santa Clarita Division of the SRAR, in a recent news release. “ Additionally, the median list price of $875,000 is currently at an all-time high.”

Meanwhile, the median sales price of both homes and condominiums has remained relatively stable over the past two years, according to the SRAR’s latest data, which pulls from a variety of listing services. For instance, the median sales price in May 2023 was $770,000, reflecting a 3% de- cline from the previous year. However, the median price of single-family homes increased by 1% year-over-year, reaching $860,000, according to the data.

The shortage seems to have had another significant impact: Houses are not staying on the market for long at all, according to the experts.

“On average, houses are selling within a month, which historically is a short period of time due to low inventory,” according to Paul Cauchi, CEO of the Southland Association of Realtors. “Five years ago, there were nearly 1,000 active listings, whereas now there are only 302.”

Furthermore, the median list price of condominiums has reached a record high of $599,900, representing a 9% increase from May 2022. This contrasts with five years ago when the median price was only $415,000.

The Southland Regional Association of Realtors the leading advocate for home ownership, property rights, land use, water rights, parcel taxes and commercial real estate interests in the San Fernando and Santa Clarita Valleys. SRAR local market statistics are compiled from all available data share partner information accessible through CRMLS and may not represent complete activity for the San Fernando and Santa Clarita Valley areas. 