Is Santa Clarita and Antelope Valley CA New Home Sales Moving in a Positive Direction
MarketPointe™ 2008 4th quarter ResidentialTrends™ Housing Market Overview reports the overall weighted average price in the Santa Clarita/Antelope Valley new home market increased more than 14 percent. With no real change in the overall average home size, the overall value ratio increased nearly 15 percent per square foot. In the attached sector, weighted average price dropped 11 percent, with the average home size dropping 20 percent, resulting in a value ratio increase of 12 percent per square foot. In the detached sector, weighted average price increased 17 percent. These price and size changes resulted in a value ratio increase of close to 12 percent per square foot.
“While positive price movement both overall and in the detached sector may elicit increased optimism that a market bottom has been reached, a closer look reveals that a geographic shift in terms of market share is the underlying cause,” said Robert Martinez, Director of Research, MarketPointe™ Realty Advisors. Last quarter, nearly 81 percent of overall net sales volume in region was found in the Antelope Valley as well as 85 percent of the detached activity. This quarter, the Antelope Valley’s overall share dropped to 52 percent along with 49 percent of the detached total. With detached homes in Santa Clarita commanding a price premium over the Antelope Valley, the market share shift played a large part in the increase in both overall and detached weighted average price.
Last quarter, overall volume reached the lowest quarterly level on record. This quarter, overall net sales volume fell another 25 percent barely surpassing the 200-unit mark. As the region is a heavily detached market, a 79 percent net sales increase in the attached sector was wiped out by the 31 percent decline in the detached sector’s net sales. Inventory remains on the decline falling another 5 percent this quarter. Of those units, just 12 percent represent units that have been made available for purchase yet remain unsold. At current sales rates, the attached units that have been offered for sale yet remain unsold, would last roughly 12 months while the detached units would offer just three months of supply.
MarketPointe™ Realty Advisors provides new housing market statistics throughout California via its ResidentialTrends™ new-home database and its LandTracker™ proposed development database, as well as site specific, tailored housing market research and consulting services. Comprehensive “Housing Market Overviews” providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California by going to www.marketpointe.com/landing. Phone San Diego at 619-233-3781, Orange County at 714-528-2554, Sacramento at 916-710-1396; url:www.marketpointe.com.
- Contact Information
- Robert D. Martinez
- Director of Research
- MarketPointe™ Realty Advisors, Inc.
- Contact via E-mail
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