The Real Data for Our Local Market Area

Everyone has an opinion about the condition of the local housing market.

While most people outside of the business use national media sources for their real estate news, I find that there is a disconnect between what the national media says housing is doing, and our local market.

I depend on the real sales data to assess the market. Even within the local market, which I will define as the northern Los Angeles area valleys and most particularly the Santa Clarita Valley and adjoining areas, there are neighborhood and other small area sub-markets. While the national and even some of the local data can give an overall direction, when we are talking real money if you are either a serious prospective seller or buyer, a close analysis of the numbers and trends is needed for comparable homes and areas. Not every Realtor is skilled at it. I am.

But I digress.

The real numbers show that prices have gone down slightly in our area year-to-year, and while the numbers of homes on the market has gone up the rate at which homes are coming on the market is slowing. The home sales number has leveled off instead of showing a continued drop, and overall the market is stabilizing. While many home buyers have been hoping for a significant drop in prices, it hasn't happened so far and with conditions as they are now, is not likely to happen. So those who are looking to steal homes will continue to wait. In the business these people who wait are referred to as 'renters'.

For homeowners who have depended on continued appreciation to fund their lifestyles, that train has left the station. Stable or slightly dropping prices is a pause in the market. If you bought your home a year or so ago with the idea that you could cash out at a substantial profit, it should not be news to you that it's not happening. If you can't handle the mortgage as it re-adjusts, you might consider refinancing into a more stable loan with payments you can make, or consider selling your home and moving to one with more sustainable payments.

People are buying homes. Homes are being sold. It's not at the rate either in numbers or with the appreciation that was happening just a few years ago, but despite the opinions of some, our local market is making an adjustment but prices in general are holding up fairly well.

The real data for our local market can always be found at www.SCVhometeam.com . Just scroll down to the local information section and look for the local market data section.

Are you a serious home buyer or home seller? Please give me a call today at 661-312-9461.