Valencia Ca Real Estate Market Overview For July 2013
The market is rapidly changing. I can’t wait for the official market stats to come out for August 2013 in several days. When looking at the Valencia Ca real estate market right now, July 2013 is the best we can do.
The stats tell a story of a changing Santa Clarita Valley real estate market. What was a steaming locomotive for most of 2013, the Valencia home market and surrounding areas have really settled down since July 2013.
More homes for sale, and higher interest rates!
It’s that simple. The higher mortgage rates and inventory increase has most notably affected homes around $600,000 and higher. Homes below $500,000 are still selling pretty well, and often with multiple offers, however an increasing inventory will also slow down the entry level Santa Clarita real estate market.
Valencia has a multifaceted real estate market with entry level condos, entry level homes, and expensive executive and custom homes. All real estate is local, and as such, each neighborhood and pocket of homes is performing differently right now.
Present day (September 10th 2013), we have 160 homes for sale in Valencia Ca. In July 2013 there were a total of 133 Valencia Ca homes for sale. In June, Valencia had 119 total listings. When speaking with most of my colleagues, we see a sustained and significant increase in listings that will hit the market between now and early 2014.
All anyone cares about is pricing and interest rates. With a higher inventory of homes for sale, there might be downward pressure on pricing. Also, with higher interest rates the buyer pool might shrink. The one factor that will help prices to continue their march upward, is the fact that the high majority of homes selling are standard equity sales. The biggest factor in home values decreasing in years past, was that much of the inventory was distressed (short sales or bank owned sales). Fast forward to today, the majority of sales are equity sellers looking for top dollar. That fact helps upward price pressure.
Going forward in the coming months (fall & winter 2013), I expect prices for entry level Valencia condos and homes to increase slightly in the single digit range %’s, depending on the community. I expect to see price reductions becoming more common for homes currently valued north of $600,000.
It’s still possible to sell your home for an amount higher than your neighbor last sold. You’ll need to either have exceptional upgrades, a great location, or some feature that will command the higher price.
June 2013 Valencia, Ca Median Home Sales Price = $423,000
July 21013 Valencia, Ca Median Home Sales Price = $400,000
Check out these Valencia, Ca homes for sale, sorted by largest % price drop:
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