Sales of Santa Clarita Condos are on the rise.
Condominium sales posted the fourth consecutive month of increased sales in Santa Clarita during April 2008. The month of April 2008 saw 67 condos close escrow, up over 24% from that of March. About 50% of the current condominium inventory in Santa Clarita consists of either Short Sales, or Bank Owned Properties, which explains the median price drop of 27.5% from a year ago. The median price of a condo in the Santa Clarita Valley is at $279,000, compared to that of $385,000 from April 2007.
It is crucial to understand the importance of these numbers. Condominium sales are a good barometer of where the market is heading. First time buyers being drawn into the Santa Clarita real estate market, and are typically purchasing condos and smaller homes. This activity creates a ripple effect in our local market, creating an opportunity for move up buyers to accomplish their real estate goals, and so on. The fact that condominium sale declines have halted and are now on a consistent month over month increase says alot about the state of the local Santa Clarita real estate market, and what type of potential growth we maybe poised to experience over the next several years, keeping in mind the enormous population increases (as much as 500,000 people!?) that are currently projected for this great valley.
