Santa Clarita Valley Economic Snapshot: IMPROVING

Santa Clarita Valley Economic Development Division’s Economic Snapshot report for July indicated that the Santa Clarita Valley (SCV) local economy is doing better than many of its surrounding communities.  Housing prices are moving UPWARD, and the local unemployment is around 8%.  Notice of Defaults recorded between July 1010 and July 2011 dropped 32%.  Read more: http://www.the-signal.com/section/24/article/52558/

SALES STATS: Q3 2011, Santa Clarita Valley (Source: Hanley Wood)

Detached Product

  • Regular Resale: Average Sale Price $435,450; Average Price/SF $195; Closings 394
  • REO Sale: Average Sale Price $339,079; Average Price/SF $169; Closings 121
  • New Home Sale: Average Sale Price $475,857; Average Price/SF $191; Closings 42
  • Foreclosures: Closings 198

Attached Product

  • Regular Resale:  Average Sale Price $240,126;  Average Price/SF $177;  Closings 182
  • REO Sale:  Average Sale Price $182,178;  Average Price/SF $155;  Closings 88
  • New Home Sale:  Average Sale Price $465,167;  Closings 9
  • Foreclosures:  Closings 137

Building permits are still hovering at incredibly low numbers these days in the SCV.  According to a recent Santa Clarita Signal article, most of the SCV’s building permits requested are for single family units.  This differs greatly from neighboring sub-markets where multi-family activity is booming.

Builders and developers are still waiting for lower development fees in the Santa Clarita Valley.  They are having a difficult time finding residential land deals that make sense given the current economic environment. (Development impact fees are currently averaging approximately $50,000 per lot.)

Source: Michel Faris, Marketing Consultant, (949) 852-8288 x14

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