Looking back over the past two years at the critical Median Price and Month’s Supply of Inventory metrics reflect little change – at least for the last year.
The attached charts reflect the latest market update for single family homes in the Santa Clarita Valley. The first chart depicts the Median Sold Price by Month. As of March 2010 the median price was $409,950 compared with $403,000 in March 2009. This represents a 2% increase. Units sold remained about the same at 176 for March 2010 vs 168 for March 2009.
Likewise the Month’s Supply of Inventory remains at historically low levels of about 2 months. In March 2009 it was 4 months. Average days on market declined from 72 to 62. Bottom line is that buyers are still having a difficult time finding a home, despite the continuing reduced prices from two and three years ago. Although prices seem to be trending somewhat higher it’s not yet sufficient to bring the increase in inventories level needed for a balanced 5 to 6 month supply of inventory. Short sales and foreclosures still dominate the market.