ADVERTISING SUPPLEMENT Sales, Prices Rise Despite Low Inventory she said. "Rates have risen over the last several weeks, yet they remain extremely low by historical stan- dards." A total of 356 single-family homes changed owners last month, up 11.9 percent compared to Febru- ary 2020, which at the onset of the pandemic. Condominium closed escrows, totaling 160 units, were 29.0 percent higher than a year ago. "I know that's difficult for many buyers," Sydell said, "yet cash is king in a sellers' market, especially when competing against multiple equally cager and equally qualified buyers. Homeowners also will have to be prepared before listing a home for sale. With homes selling typically under 30 days, owners may want to consider buying a home and, if nec- essary, borrowing money to pay two mortgages until their original home closes escrow. That approach can eliminate health concerns regarding the sale and ensures a speedy resolution. The median price of homes sold in February came in at $846,000, up 14.3 percent from 12 months ago and only slightly below the record- high median of $852,000 set in August. The 160 condominiums that changed owners last month had a median price - meaning half sold for more and half sold for less - of a record-high $519,000. That was up 15.3 percent from a year ago. Resale prices have been rising steadily for years yet went on a tear last year as the pandemic and low rates brought more buyers into the market, which yielded bidding Southiand Regional Assocation of Reators By Dane Sydes, Presidert, and David Waker Single-family home and con- dominium sales posted strong numbers during February even as the inventory of properties listed for sale throughout the San Fer- nando Valley hit a record low, the Southland Regional Association of Realtors reported Friday. SOUTHLAND REGIONAL AssoCIATION OF REALTORS", INCc. "Strict safety protocols make selling a house as safe as possible," said Tim Johnson, the Association's chief executive officer, "With new infections now heading toward pre-surge levels and more people getting vaccinated, the local real estate market is likely to get even busier in the weeks and months ahead." The market will continue favoring sellers, Sydell and Johnson said, which makes it important that buyers spend time getting prepared, making sure their finances are in order, before jumping into the market. SFV Total Active Listings - Combined Residential A mere 629 properties were on the market at the end of the month, down 20.0 percent from a year ago and the lowest number in the 34 years the Association has kept the statistic. For perspective, the monthly listing average over more than three decades works out to 5,358 listings per month, which was a 5.6-month Jan Feb Mar Agril May June July Aug Sept Oct Dec 209 L04 1.186 1217 1261 1306 1352 L09 1286 1212 1100 974 770 2020 787 786 3040 4 945 940 1006 200 629 Realtor Diane Sydell, 2021 SRAR President San Fernando Valley Single-Family Home Sales "With multiple offers common, buyers must be ready to act quickly when they find a home they like, sales activity, totalled 640 homes to make fast decisions," Sydell stressed. "It helps if buyers limit or remove contingencies and, even more importantly, be ready to make all-cash or cash-equivalent offers. 500 supply. wars. Despite the record-low inventory, pending escrows, a measure of future But the 629 listings of this Febru- ary represented a 1.2-month supply at the current pace of sales and a shadow of the record high monthly listing total of 14,976 posted in July 400 100 and condominiums. That was up 6.0 percent from a year ago. 200 Jan Feb. March Apr May lue Sept. Oct Nov Dec 1992. The Southland Regional Association of Real -2021 400 356 tors is a local trade association with more than 10.300 members sening the San Fer- nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. "That sales are up compared to a year ago is a tribute to the tenacity, the persistence, of buyers, sellers and the Realtors who navigated sales through COVID-19 rough times and a myriad of safety regulations," said Diane Sydell, president of the Southland Regional Association of Realtors. "As pandemic health risks diminish further, we expect to see more buyers jump into the market and a modest increase in owners willing to list their properties for sale. "Low interest rates and a desire for more space have kept buyers motivated through the pandemic," -2000 326 367 268 353 474 473 540 2009 301 206 199 47 520 453 442 423 401 200 341 458 473 499 528 422 414 380 Santa Clarita Valley Sales Rise as Inventory Falls 36% restrictions are lifted." The median price of homes that closed escrow was $740,000, up 21.3 percent from a year ago and just below the record high of $759,000 set in September. The condominium median price of $435,000 was 7.4 percent higher than February 2020 and 3.8 percent below the record $452,000 posted in December. The 196 active listings at the end of February was down 36.4 percent from February 2020 and was the second lowest on record. At the current pace of sales, the 196 listings represented a 0.8-month supply. Even with the limited supply, pending escrows, a measure of future sales activity, were up 7.8 percent to a total of 345 home Single-family homes sales during February came in 14.6 percent ahead of a year ago even as the supply of proper- ties for sale in the Santa Clarita Valley fell to a record low, Santa Clarita Valley - Single-Family Home Sales the Southland Regional Association of Realtors reported Thursday. The first two months of 2020 got of to the best start in more than a decade with 165 single-family homes changing owners in February along with 75 condominiums. "Condo sales were down 5.1 percent from a year ago not for lack of prospective buyers but due to a woefully inadequate supply," said Nicole Stinson, chair of the Association's Santa Clarita Division Council. "There's always heavy demand for property Nicole Stinson, 2021 in Santa Clarita, yet low interest rates added pressure, which is likely to increase as Coronavirus pandemic Interest Rate Update National Average as reported by Freddie Mac on: March 4 30-Yr FRM 3.02% 15-Yr FRM - 2.34% February 25 30-Yr FRM 2.97% 15-Yr FRM 2.34% Chair Santa Clarita Division Council and condo transactions. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT Sales, Prices Rise Despite Low Inventory she said. "Rates have risen over the last several weeks, yet they remain extremely low by historical stan- dards." A total of 356 single-family homes changed owners last month, up 11.9 percent compared to Febru- ary 2020, which at the onset of the pandemic. Condominium closed escrows, totaling 160 units, were 29.0 percent higher than a year ago. "I know that's difficult for many buyers," Sydell said, "yet cash is king in a sellers' market, especially when competing against multiple equally cager and equally qualified buyers. Homeowners also will have to be prepared before listing a home for sale. With homes selling typically under 30 days, owners may want to consider buying a home and, if nec- essary, borrowing money to pay two mortgages until their original home closes escrow. That approach can eliminate health concerns regarding the sale and ensures a speedy resolution. The median price of homes sold in February came in at $846,000, up 14.3 percent from 12 months ago and only slightly below the record- high median of $852,000 set in August. The 160 condominiums that changed owners last month had a median price - meaning half sold for more and half sold for less - of a record-high $519,000. That was up 15.3 percent from a year ago. Resale prices have been rising steadily for years yet went on a tear last year as the pandemic and low rates brought more buyers into the market, which yielded bidding Southiand Regional Assocation of Reators By Dane Sydes, Presidert, and David Waker Single-family home and con- dominium sales posted strong numbers during February even as the inventory of properties listed for sale throughout the San Fer- nando Valley hit a record low, the Southland Regional Association of Realtors reported Friday. SOUTHLAND REGIONAL AssoCIATION OF REALTORS", INCc. "Strict safety protocols make selling a house as safe as possible," said Tim Johnson, the Association's chief executive officer, "With new infections now heading toward pre-surge levels and more people getting vaccinated, the local real estate market is likely to get even busier in the weeks and months ahead." The market will continue favoring sellers, Sydell and Johnson said, which makes it important that buyers spend time getting prepared, making sure their finances are in order, before jumping into the market. SFV Total Active Listings - Combined Residential A mere 629 properties were on the market at the end of the month, down 20.0 percent from a year ago and the lowest number in the 34 years the Association has kept the statistic. For perspective, the monthly listing average over more than three decades works out to 5,358 listings per month, which was a 5.6-month Jan Feb Mar Agril May June July Aug Sept Oct Dec 209 L04 1.186 1217 1261 1306 1352 L09 1286 1212 1100 974 770 2020 787 786 3040 4 945 940 1006 200 629 Realtor Diane Sydell, 2021 SRAR President San Fernando Valley Single-Family Home Sales "With multiple offers common, buyers must be ready to act quickly when they find a home they like, sales activity, totalled 640 homes to make fast decisions," Sydell stressed. "It helps if buyers limit or remove contingencies and, even more importantly, be ready to make all-cash or cash-equivalent offers. 500 supply. wars. Despite the record-low inventory, pending escrows, a measure of future But the 629 listings of this Febru- ary represented a 1.2-month supply at the current pace of sales and a shadow of the record high monthly listing total of 14,976 posted in July 400 100 and condominiums. That was up 6.0 percent from a year ago. 200 Jan Feb. March Apr May lue Sept. Oct Nov Dec 1992. The Southland Regional Association of Real -2021 400 356 tors is a local trade association with more than 10.300 members sening the San Fer- nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. "That sales are up compared to a year ago is a tribute to the tenacity, the persistence, of buyers, sellers and the Realtors who navigated sales through COVID-19 rough times and a myriad of safety regulations," said Diane Sydell, president of the Southland Regional Association of Realtors. "As pandemic health risks diminish further, we expect to see more buyers jump into the market and a modest increase in owners willing to list their properties for sale. "Low interest rates and a desire for more space have kept buyers motivated through the pandemic," -2000 326 367 268 353 474 473 540 2009 301 206 199 47 520 453 442 423 401 200 341 458 473 499 528 422 414 380 Santa Clarita Valley Sales Rise as Inventory Falls 36% restrictions are lifted." The median price of homes that closed escrow was $740,000, up 21.3 percent from a year ago and just below the record high of $759,000 set in September. The condominium median price of $435,000 was 7.4 percent higher than February 2020 and 3.8 percent below the record $452,000 posted in December. The 196 active listings at the end of February was down 36.4 percent from February 2020 and was the second lowest on record. At the current pace of sales, the 196 listings represented a 0.8-month supply. Even with the limited supply, pending escrows, a measure of future sales activity, were up 7.8 percent to a total of 345 home Single-family homes sales during February came in 14.6 percent ahead of a year ago even as the supply of proper- ties for sale in the Santa Clarita Valley fell to a record low, Santa Clarita Valley - Single-Family Home Sales the Southland Regional Association of Realtors reported Thursday. The first two months of 2020 got of to the best start in more than a decade with 165 single-family homes changing owners in February along with 75 condominiums. "Condo sales were down 5.1 percent from a year ago not for lack of prospective buyers but due to a woefully inadequate supply," said Nicole Stinson, chair of the Association's Santa Clarita Division Council. "There's always heavy demand for property Nicole Stinson, 2021 in Santa Clarita, yet low interest rates added pressure, which is likely to increase as Coronavirus pandemic Interest Rate Update National Average as reported by Freddie Mac on: March 4 30-Yr FRM 3.02% 15-Yr FRM - 2.34% February 25 30-Yr FRM 2.97% 15-Yr FRM 2.34% Chair Santa Clarita Division Council and condo transactions. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies.