Hello and Happy Springtime!
Can you believe this market has finally started to turn around! For the 11th consecutive month, sales of existing single-family homes have “surged” in the Santa Clarita valley.
Santa Clarita Valley has 719 resale homes pending in escrow. A total of 665 resale homes have SOLD and closed since January 1, 2009. There are only 1117 homes left on the market while there were at least 2500 homes on the market a year ago. There appears to be a shrinking of the inventory to say the least.
There are still many foreclosures coming, however, many buyers are coming out of the woodwork to take advantage of low prices. Many buyers are taking advantage of the current seller concessions mentality and the Federal Reserve lowering the interest rates. I see multiple offers as being more the “norm” now, than the exception.
We are predicting the second quarter of 2009 to pick up steam with the second half of 2009 being very busy. The interest rates will probably drop to 4.5% as some point which will make the market go crazy.
Plus, I’m predicting slight price appreciation by the 4th quarter of this year for many neighborhoods in Santa Clarita.
” Who do you know today, who could benefit from our services?”
Until next time…
Mark Bolender, CRS
RE/MAX of Valencia