Latest / Connor with Honor: AI, Real Estate and Real Life / Price Drops Everywhere: Is Santa Clarita’s Housing Market Starting to Shift? | March 31, 2025 Update

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Price Drops Everywhere: Is Santa Clarita’s Housing Market Starting to Shift? | March 31, 2025 Update · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: March 31st, 2025.
• 0:01
  SPEAKER_00: Good afternoon, good morning, good evening.
• 0:03
  SPEAKER_00: Whenever you happen to be watching this Santa Clarita update, we're going to talk about what's happening in the market and what you can expect here in the next couple months.
• 0:11
  SPEAKER_00: Currently, we are just over 600 total active listings on the Santa Clarita market for sale.
• 0:17
  SPEAKER_00: That has been an increase from January by about 70 listings, 70 to 75 listings, depending on what cities and areas you happen to include in that.
• 0:26
  SPEAKER_00: But we are seeing a building of real estate inventory.
• 0:29
  SPEAKER_00: However, we're watching as that real estate inventory is starting to be absorbed by real estate buyers, so we're really not building extra inventory or inventory that's starting to that's going kind of pricing reset.
• 0:43
  SPEAKER_00: We do see a large amount of price changes in the market, and a majority of those, in fact, over 95% of any of the price changes happen to be reductions.
• 0:53
  SPEAKER_00: So then when I looked at the actual listing prices that have sold in the past 180 days in those particular tracks and neighborhoods in Santa Cruz Valley within the cities, what I discovered is actually we're not reducing prices, we're still increasing in prices in the last several months just for the simple factor.
• 1:13
  SPEAKER_00: We're watching if the sellers are pricing properties five to seven percent over where the last one sold, but within the first two, three weeks, they're not getting any offers.
• 1:23
  SPEAKER_00: So then they're reducing those prices, changing them to be able to get more action on the property, and then we're watching as those properties then at that point get into escrow.
• 1:33
  SPEAKER_00: Usually it takes one price reduction for that to happen, depending on the property, depending on the location, and depending on how high that property happened to be priced.
• 1:42
  SPEAKER_00: Now, in most cases, buyers aren't ashamed to write offers at less than listing price, especially when they're able to verify the actual value on that property.
• 1:52
  SPEAKER_00: They'll go into systems like mine at Santa ClaritaOpenhouses.com and they'll be able to get an evaluation on any property, any piece of real estate.
• 2:00
  SPEAKER_00: And then what it'll do, it'll show them the last closed properties that are in close proximity within the last either 90 or 180 days.
• 2:08
  SPEAKER_00: If there happens to be enough information, you want to pull the 90-day record.
• 2:12
  SPEAKER_00: But if there isn't, then 180 days is fine.
• 2:14
  SPEAKER_00: But look at that and you want to stack it up close proximity.
• 2:18
  SPEAKER_00: Hopefully, same builder, same track, same neighborhood would be perfect.
• 2:22
  SPEAKER_00: And you would want at least three of those properties that match that particular one you're looking at establishing a value upon.
• 2:28
  SPEAKER_00: And then you take that information, you well, your A should be doing that work for you.
• 2:32
  SPEAKER_00: But if you want to DIY it, I get that.
• 2:35
  SPEAKER_00: Again, you take that information, that's going to be something that's included with your offer to the seller, establishing why you're offering this particular amount versus what they happen to be having their property for sale for.