COMING in 2019? This will be Newhall's "Old Town"
Newhall Crossings artist rendering
REAL ESTATE in 2013
In 2013, as shown below, you needed patience when it came to selling your home. The average listing took almost 2 months to go INTO escrow.
Patience in selling your home was required...
Now? While the market has clearly quieted down since July, homes are still selling almost a full month faster than in 2013.
Above: Average days on the market for Santa Clarita homes of all types. (with % rise from a year ago)
In 2013, the price of a home of any type in Santa Clarita was downright ridiculous, as shown below.... If you bought then, you are grinning ear to ear now...
Above: Median sold price of any home in 2013.
The following year: Prices were up $50,000 on average.
Look at those numbers! Ridiculously low. Now look at the current numbers:
Above: Current Median Sold prices for all homes in Santa Clarita. Prices are up from 2-15% versus last summer,,,
Homes in CANYON COUNTRY rose the most in median sold price over the last 5 years, giving owners there a boost in home equity of over $169,400 ($33,880 per year). Saugus is currently the highest priced Santa Clarita city overall, though Stevenson Ranch clearly features a different price point altogether.
Graph above: Median sold prices for ALL home types per Infosparks.
The moral of this story? If you are thinking of selling your home or buying a home, you will most likely look back on 2018 as "the good ol' days" in 2023. NAR economists forecast modest 2-6% growth in prices EVERY year until then, despite rising interest rates. What they can't forecast, are interest rates.. In 2013 this week, they were at 3.69%. Now? 4.92%
The real estate market is not as healthy as it could be. Many sellers are sitting on the sidelines, afraid that they won't be able to find a home to move INTO. Homes seem to only go on the market when there is a job relocation, or death. Just know that sitting this buying cycle out may look foolish 5 years from now. Newhall will look VERY different then, as will Canyon Country. If we continue as we did in 2016, many parts of Santa Clarita will be upgraded, and more people will want to live here than ever.. Santa Clarita will have a sizable neighbor to its west, and where will you be?
Drop me a line, or text me and let's talk about your future....