Santa Clarita Real Estate

Santa Clarita, California has not escaped the heat of the sub-prime crisis

. As the market recovers, Santa Clarita real estate has also shown positive signs. The market trends reflect activities in this sector, which is undoubtedly a good sign from the point of view of buyers or the sellers. The inventory for homes for sale in Santa Clarita is diminishing. It has reduced by almost 51% compared to what it was in August 2008. With so few houses for sale there was very little choice for the prospective homebuyers to choose from. Also, this leads to a rise in the median price of the houses for sale in Santa Clarita.

When compared with the overall trend of Santa Clarita real estate, we find that the average median price of the single family detached homes in this region has decreased 9% from August 2008. The median price for single-family detached houses was $450,000 in August 2008 and dropped to $410,000 in August 2009.

The number of homes in Santa Clarita under contract has increased considerably. In August 2009, the rate increased to 47% from what it was in August 2008. Experts suggest that the reason this rate is so high is due to the prolonged legal formalities that are mandatory to undertake a short sale deal. Short sales often manipulate the records, as they do not always comply with the MLS rules of removing the record of a home immediately from the list when it comes under contract. Often, potential buyers keep checking the homes that are already under contract.

In August 2009, there were 11 entries in the new listings of which, two were foreclosure homes owned by Santa Clarita real estate and four were for short sales. By the second quarter of 2010, there will be a great deal changes in the picture. So if you want to purchase Santa Clarita real estate, contact a realtor now.

by: Carl Woerter

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