Santa Clarita February 2024 Market Update

Santa Clarita February Real Estate Market Update: Low Inventory and High Sales Activity

Santa Clarita Valley real estate market is picking up

Market has 298 active listings and 235 in escrow.

Sant Clarita Valley has 35 additional homes and 298 active listings.

Valencia has 69 active listings, 81 pending in escrow, and 101 closed sales in the last 60 days.
Saugus has 39 active listings, 38 pending in escrow, and 54 closed sales in the last 60 days.

Real estate market update in select areas

39 pending sales and 50 closed sales in the last 60 days in Castaic with 27 active listings
Stevenson Ranch has 3 active listings, 9 pending in escrow, and 7 closed sales in the last 60 days, indicating a high rate of turnover

High-end homes in Santa Clarita

Valencia has the highest closed price at $4 million for a 6,083 sq ft home built in 2006.
A property in Awood Doui Winery is listed for a little over $12 million, including 88 acres of vineyards and wine business.

Interest rates are fluctuating in 2023 and expected to come down in 2024.

Interest rates have risen to over 8% in 2023, then came down to 6.25%, and recently dropped to around 6.35%.
The interest rate is influenced by factors such as loan type, credit score, and market conditions.

Interest rates are expected to come down due to the election year.

Real estate market will be impacted by the decreasing interest rates during the election year.
Buyers and sellers should be prepared to make a move when the rates come down.

Buyers can negotiate for reduced interest rates.

Buyers can negotiate for concessions from sellers to lower interest rates and improve affordability.
Reducing the purchase price minimally affects the payment, so negotiating for lower interest rates is a key factor for most buyers.

Cash McCallum

Broker Associate | License ID: S.0201624|SP56208|DRE01863143