Latest / Connor with Honor: AI, Real Estate and Real Life / Massive price reductions in the past 7 days in Santa Clarita Valley, is this a sign of coming times?
Transcript
- 0:02hey good day everybody Santa Clarita Today is the 14th of course of July we are at Sunday I'm Connor MacIVOR we have Santa Clarita open houses this is your daily real estate update I will talk about what's happening right now we have a total of 465 active units on the market for sale this is gonna span the with single family residences condominium's town homes coming soon properties 1584 new listings have been posted in the past 7 days 64 properties have had their prices changed that is a big number as far as what's happening in the market so I've noticed two trends that have been happening over the past several days it's just not enough time to be able to make it a termination as to what kind of impact that's gonna have on the future real estate market but I will tell you I've noticed we are hiring inventory than we've been in over 2 years active inventory for sale in addition Santa Clarita we have noticed a large amount of price changes and some people in some markets price changes are actually up in this particular market the majority and I mean a large majority almost 90% are reductions in listing price what that basically means is the sellers out there have had their properties on the market for a particular amount of time back in the day during the last foreclosure cycle the banks typically looked at about a 30 day period so within 30 days if that property didn't make it into Esgro or didn't have any offers or anything else cause sometimes properties get offers right out of the shoot buyers get cold feet change their mind whatever it is then those banks will put those properties back on the market as foreclosures scenarios that's what I'm talking about currently but that's their standard about 30 days if in fact there have been no offers no activity besides basic showings the same thing would apply here but a lot of these price changes are happening before that 30 day Mark two or three weeks and that would kind of indicate a little bit of seller panic will have to watch how this trend continues will also have to watch how the inventory continues to replenishing replenish the market currently we're watching as the inventory is now starting to overrun the current absorption rate and we're building inventory but again these numbers are only for a few days that's when these changes have happened if we go into the future a couple months and then at that time look at the market which I do it every day but we then look at that time make those comparisons and we have that same trend and now we're six or 700 units for sale we will know that now the market is trending to become more of a buyers market than where we have been for a very long time as a sellers market I'm Connor with honor this has been your Sunday Santa Clarita real estate update do me a favor please share my show please tell people about Santa Clarita open houses when you have a chance it would mean the world to me and also reach out to me if I can help you in any way with regard to real estate thanks for watching this have a fantastic Sunday we'll see you tomorrow be safe