Condo Sales Drop in Valley, Climb in Santa Clarita

Condominium sales trended in opposite directions in July in the San Fernando and Santa Clarita valleys, according to the Southland Regional Association of Realtors Inc. In the San Fernando Valley, condominium sale activity plummeted 26 percent to 190 dwellings compared to the year-ago period. The median price rose more than 3 percent to $410,000. But in Santa Clarita, the number of condominiums that traded hands soared more than 40 percent to 132. That’s despite an 8 percent increase in median price to $385,000. “In addition to affordability, buyers focus on existing condominium purchases because there are few condominium projects under construction locally,” said Marty Kovacs, chair of the Santa Clarita Valley division of the association. In contrast, single-family home sales were down in both areas – by about 10 percent to 486 units in the San Fernando Valley, and 5 percent to 222 in Santa Clarita. Median prices for the dwellings rose in both areas. In the San Fernando Valley, prices were up nearly 7 percent in July to $655,000. In Santa Clarity, prices grew only about 4 percent to $584,600. On-market listings of both types of residential dwellings is off 17 percent from a year ago in the San Fernando Valley. The association predicts prices will continue their climb but at a slower pace.