ADVERTISING SUPPLEMENT San Fernando Valley Home Price Sets Income-to-Loan Guide Single-Family Homes - MARCH - San Fermando Valley Record, Sales Up Minimum income Needed to Qualify for a Lean $171,759 Monthly inuan Paenits Southiand Regional Association of Realtors Monthly Pro Tas Single-family home and con- dominium sales in the San Fernando Valley during March soared over a year ago and the median home price rose to a record $901,000 as buyers sorted through a near record- low inventory, the Southland Regional Association of Realtors reported Tuesday. Year-to-Year Percentage Change in Income Needed to Quality for a+12.4% $285 SOUTHLAND REGIONAL Loan ASSOCIATION OF REALTORS", INC. Total Monthly PITI Median Price =4,294 posite appears to be happening this April, even with very few listings out February. $901,000 "This is only the third time we've ever seen total listings below 700," Johnson said. "And with supply so low, the question becomes how high can prices go before buyers object or simply annot $3.070 Loan Amount (80%) Interest Rate properties, especially with interest rates holding at or near historically $720,800 3.08% A total of 492 single-family homes changed Meny Mortgageand e Pyt 'With supply so low, the question Source: Southiand Regional Association of REALTORSS *PIT equals - Monhty loan principal & interest, plas taves &insurance payments owners during becomes how high can prices go percent from a before buyers object or cannot qualify' qualify, even March, up 34.1 Santa Clarita Valley Condominium Price Up 19% to Record High year ago, while 227 condo- miniums closed with low low levels." Pending escrows -a measure of future sales activity- were up 69.1 percent from a year ago March with 751 open escrows in the pipeline. That's remarkable, said Tim John- son, SRAR's chief executive officer, considering that the active inventory is down 27.3 percent from a year ago. March went above the asking price. There were 637 active listings at the end of March, up slightly from the record low 629 listings reported in interest rates?" But Johnson noted that as the pandemic recedes and businesses reopen, consumer optimism is likely to rise, giving residential real estate a boost and encouraging owners to list their property, especially as a record number of sales statewide during As the inventory of homes listed for sale during March in San- ta Clarita fell 38.3 percent, sales of homes and condominiums took off, with the condo median price setting a record, the Southland Regional Association of Realtors reported Tuesday. A total of 256 single-family homes changed owners during March. That was up 39.1 percent from a year ago and 55.2 percent ahead of this February. Similarly; 111 condominiums closed escrow, up 38.8 percent from March 2020 and 48.0 percent higher than February. "The full impact of the COVID-19 pandemic and ensuing safer-at-home orders and business closures didnt hit until April 2020," said Nicole Stinson, chair of the Associationis Santa Clarita Division Council. "Last March sales were still relatively strong, so to surpass those numbers shows promise for the months ahead." Pending escrow, which provide insight into future closed escrow activity, suggest that April will be excep- tionally busy, especially compared to April 2020. At the end of this March there were 406 pending escrows, an increase of 72.8 percent escrow, an increase of 48.4 percent. "The impact of the Coronavirus lockdown didn't hit local real estate last year until April and May," said Diane Sydell, president of the Southland Regional Association of Realtors. "Sales fell off a cliff last April, but the op- Realtor Diane Sydel, 2021 SRAR President The 637 listings reported by the Association at the end of March represented a 0.9-month supply at the current pace of sales, a number seen only once before. Over 33 years the supply averaged 5.6-month, which typically translated to about 5,360 active listings. The record $901,000 home median price- meaning half of the 492 home sales went for more and half for less- was up 16.3 percent over March 2020. It was the first time above the $900,000 bench- mark and beat the prior record of $852,000 set in August. Similarly, the 227 condominiums sold during March posted a median price of $515,000. That was up 14.4 percent from March 2020, but down slightly from the record condo price of $519,000 set this February. SFV Total Active Listings - Combined Residential Nicole Stinson, 2021 Chair, Santa Clarita Division Council over 12 months ago. With interest rates remaining at or near historical lows despite recent thuctuations, the lack of inventory is the primary brake on the local residential resale market. lan Feb Ma Apr May June ly Sept Nov Dec "The local supply is down 38 percent with only 221 listings reported at the end of March," said Tim Johnson, the Association's CEO."Given the heavy 2019 L04 352 1.09 1286 1212 LI00 974 2020 787 786 EN 1040 945 940 1006 700 demand, that supply won't last long. 2021 Indeed, the 221 active listings represented a mere 0.6-month supply at the curent pace of sales. Over the last 13 years Association statistics show that the monthly average was a 3.7-month supply or about 900 active listing per San Fernando Valley Single-Family Home Sales month, The median price of the homes 256 homes that changed owners came in at $737,000, an increase of 17.0 percent from a year ago, but slightly below the record high $759,00 posted in September. The condominium median price of $465,000 was up 19.2 percent from 12 months ago, setting a record high. 600 Interest Rate Update National average as reported by Freddie Mac on: 400 April 15 30 Yr FRM - 3.04 percent 15-Yr FRM - 2.35 percent April 8 30-Yr FRM - 3.13 percent 15-Yr FRM - 2.42 percent 300 The Southland Aeglonal As sociation of Realtors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. 200 lan. Feb March April May June July Aug Sept Oct. Nov Dec -201 400 356 492 -2000 326 338 26 238 353 44 495 473 -2019 301 26 390 496 4 48 478 453 42 423 400 2018 341 300 458 473 490 571 S18 528 422 452 434 380 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R 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 San Fernando Valley Home Price Sets Income-to-Loan Guide Single-Family Homes - MARCH - San Fermando Valley Record, Sales Up Minimum income Needed to Qualify for a Lean $171,759 Monthly inuan Paenits Southiand Regional Association of Realtors Monthly Pro Tas Single-family home and con- dominium sales in the San Fernando Valley during March soared over a year ago and the median home price rose to a record $901,000 as buyers sorted through a near record- low inventory, the Southland Regional Association of Realtors reported Tuesday. Year-to-Year Percentage Change in Income Needed to Quality for a+12.4% $285 SOUTHLAND REGIONAL Loan ASSOCIATION OF REALTORS", INC. Total Monthly PITI Median Price =4,294 posite appears to be happening this April, even with very few listings out February. $901,000 "This is only the third time we've ever seen total listings below 700," Johnson said. "And with supply so low, the question becomes how high can prices go before buyers object or simply annot $3.070 Loan Amount (80%) Interest Rate properties, especially with interest rates holding at or near historically $720,800 3.08% A total of 492 single-family homes changed Meny Mortgageand e Pyt 'With supply so low, the question Source: Southiand Regional Association of REALTORSS *PIT equals - Monhty loan principal & interest, plas taves &insurance payments owners during becomes how high can prices go percent from a before buyers object or cannot qualify' qualify, even March, up 34.1 Santa Clarita Valley Condominium Price Up 19% to Record High year ago, while 227 condo- miniums closed with low low levels." Pending escrows -a measure of future sales activity- were up 69.1 percent from a year ago March with 751 open escrows in the pipeline. That's remarkable, said Tim John- son, SRAR's chief executive officer, considering that the active inventory is down 27.3 percent from a year ago. March went above the asking price. There were 637 active listings at the end of March, up slightly from the record low 629 listings reported in interest rates?" But Johnson noted that as the pandemic recedes and businesses reopen, consumer optimism is likely to rise, giving residential real estate a boost and encouraging owners to list their property, especially as a record number of sales statewide during As the inventory of homes listed for sale during March in San- ta Clarita fell 38.3 percent, sales of homes and condominiums took off, with the condo median price setting a record, the Southland Regional Association of Realtors reported Tuesday. A total of 256 single-family homes changed owners during March. That was up 39.1 percent from a year ago and 55.2 percent ahead of this February. Similarly; 111 condominiums closed escrow, up 38.8 percent from March 2020 and 48.0 percent higher than February. "The full impact of the COVID-19 pandemic and ensuing safer-at-home orders and business closures didnt hit until April 2020," said Nicole Stinson, chair of the Associationis Santa Clarita Division Council. "Last March sales were still relatively strong, so to surpass those numbers shows promise for the months ahead." Pending escrow, which provide insight into future closed escrow activity, suggest that April will be excep- tionally busy, especially compared to April 2020. At the end of this March there were 406 pending escrows, an increase of 72.8 percent escrow, an increase of 48.4 percent. "The impact of the Coronavirus lockdown didn't hit local real estate last year until April and May," said Diane Sydell, president of the Southland Regional Association of Realtors. "Sales fell off a cliff last April, but the op- Realtor Diane Sydel, 2021 SRAR President The 637 listings reported by the Association at the end of March represented a 0.9-month supply at the current pace of sales, a number seen only once before. Over 33 years the supply averaged 5.6-month, which typically translated to about 5,360 active listings. The record $901,000 home median price- meaning half of the 492 home sales went for more and half for less- was up 16.3 percent over March 2020. It was the first time above the $900,000 bench- mark and beat the prior record of $852,000 set in August. Similarly, the 227 condominiums sold during March posted a median price of $515,000. That was up 14.4 percent from March 2020, but down slightly from the record condo price of $519,000 set this February. SFV Total Active Listings - Combined Residential Nicole Stinson, 2021 Chair, Santa Clarita Division Council over 12 months ago. With interest rates remaining at or near historical lows despite recent thuctuations, the lack of inventory is the primary brake on the local residential resale market. lan Feb Ma Apr May June ly Sept Nov Dec "The local supply is down 38 percent with only 221 listings reported at the end of March," said Tim Johnson, the Association's CEO."Given the heavy 2019 L04 352 1.09 1286 1212 LI00 974 2020 787 786 EN 1040 945 940 1006 700 demand, that supply won't last long. 2021 Indeed, the 221 active listings represented a mere 0.6-month supply at the curent pace of sales. Over the last 13 years Association statistics show that the monthly average was a 3.7-month supply or about 900 active listing per San Fernando Valley Single-Family Home Sales month, The median price of the homes 256 homes that changed owners came in at $737,000, an increase of 17.0 percent from a year ago, but slightly below the record high $759,00 posted in September. The condominium median price of $465,000 was up 19.2 percent from 12 months ago, setting a record high. 600 Interest Rate Update National average as reported by Freddie Mac on: 400 April 15 30 Yr FRM - 3.04 percent 15-Yr FRM - 2.35 percent April 8 30-Yr FRM - 3.13 percent 15-Yr FRM - 2.42 percent 300 The Southland Aeglonal As sociation of Realtors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. 200 lan. Feb March April May June July Aug Sept Oct. Nov Dec -201 400 356 492 -2000 326 338 26 238 353 44 495 473 -2019 301 26 390 496 4 48 478 453 42 423 400 2018 341 300 458 473 490 571 S18 528 422 452 434 380 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R 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.