Happy New Year! Today I’m going over a quick Santa Clarita real estate market recap and giving you an idea of what to expect in 2017.
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Selling your Santa Clairta home? Get a Free Home Price Evaluation
Happy New Year! I wanted to take a minute to give you a recap for our 2016 real estate market and go over a few things to expect from our market in 2017.
Currently in Santa Clarita, we have 410 active available homes, which is incredibly low compared to eight years ago when we had 2,500. When Santa Clarita is in a balanced market, we usually see anywhere from 1,200 to 1,600 homes. However, low inventory is causing home values to slowly rise, so the market is semi-balanced at the moment.
Last year in Santa Clarita, 39,024 homes were sold, so the average of homes sold per month was 327. This means with 410 homes on the market, we barely have six weeks of inventory.
Despite what you’re hearing, rates are still historically low.
This is fantastic news if you’re a seller because it means you have a great opportunity to get top dollar for your home. However, buyers looking to buy or invest can also take advantage of the market.
Lastly, as of January, the interest rate for a conventional mortgage loan is at 4.125%, an FHA loan is at 3.9%, and a VA loan is at 3.875%. Despite what you’re hearing, rates are still historically low.
If you have any questions please don’t hesitate to reach out by giving me a call or shooting me an email. I would love to work with you!
