AV Sees Double-digit Home Price Gains

This is a reprint of an AV Press Article By: Jim Skeen AV Press PALMDALE - Lancaster and Palmdale neighborhoods saw double-digit home price gains in August, according to a report from CoreLogic. Lancaster's 93534 ZIP code had a median home price of $185,000 in August (57 sales), up 13.3% over the year. Lancaster's 93535 ZIP code had a median home price of $200,000 (98 sales), up 17.6%. Lancaster's 93536 ZIP code had a median price of $300,000 (122 sales), up 10.5%. Palmdale's 93550 ZIP code had a median home price of $220,000 (75 sales) in August, up 13.4% over the year. Palmdale's 93551 ZIP code had a median price of $336,000 (111 sales), up 10.2%. Palmdale's 93552 ZIP code had a median price of $259,000 (65 sales), up 19.4% over the year. Earlier this month, the Greater Antelope Valley Association of Realtors reported there were 517 homes sold in August in the region, a 4% increase over August 2015. Through August, 3,523 homes were sold in the Antelope Valley, down slightly from the 3,535 recorded at this point in 2015. The average selling price of an Antelope Valley home in August was $263,505, up 15% over August 2015. The average selling price of an Antelope Valley home so far this year is $244,038, up 10% from this point in 2015. Of the August transactions, 3% were foreclosures and 2% were short sales. In a separate report, CoreLogic reported there were 23,278 new and existing homes sold in Southern California in August, the highest tally for that month in a decade. The region's sales were up 9.5% over the year. In Los Angeles County, 7,725 new and existing homes were sold, a 5.4% year-over-year increase. The median price of a Southern California home was $465,000 in August, a 6.2% increase over the year. In the county, the median price was $530,000, a 6% increase. "Job growth, low interest rates, household formation and other factors helped drive up activity," said Andrew LePage, an analyst with CoreLogic. "The big picture is that the housing market continues to edge back toward normalcy in the wake of the worst housing bust in modern history." Existing homes in California sold at a seasonally adjusted annualized rate of 420,360 units in August, down 2.2% from a year earlier, according to a report from the California Association of Realtors. August was the sixth straight month of year-over-year sales declines. The median price of an existing, single-family California home in August was $526,580, up 5.8% from August 2015. The association's Unsold Inventory Index, which indicates the number of months needed to sell the supply of homes on the market at the current sales rate dipped from 3.6 months in both July and August 2015 to 3.4 months this August. Nationally, existing homes sold at an annualized pace of 5.33 million in August, down 0.9% from July, but up 0.8% from August 2015, according to a report from the National Association of Realtors. "Healthy labor markets in most the country should be creating a sustained demand for home purchases," said Lawrence Yun, the national association's chief economist. "However, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold." Nationally, the unsold inventory is at a 4.6-month supply. A six- to seven-month supply is considered normal. The median existing-home price for all housing types in August was $240,200, up 5.1% from August 2015 ($228,500). August's price increase marks the 54th consecutive month of year-over-year gains, the association reported. Distressed sales - foreclosures and short sales - accounted for 5% of August transactions, the lowest percentage since the association began tracking that data in October 2008.

New Developments and Future Planning in Palmdale

The 47th Pavilion (Avenue R and 47th Street East) Super Target Center America’s Tire is under construction north of the Bank of America. The store will be approximately 7,300 square feet in size. Plaza Vallarta (Avenue R and 47th Street East) O’Reilly Auto Parts is constructing a 7,200 square foot store north of Chase Bank Rancho Vista Boulevard and Town Center Drive WalMart will be constructing a 40,000 square foot market on the north side of Ranch Vista Boulevard, west of Town Center Drive. The market is not a supercenter but it will include grocery. As of April there was a Tentative Tract Map 73143 requesting approval to subdivide a 40 acre parcel into two parcels, a ten acre commercial parcel and a 30 acre residential parcel. Tentative Tract Map 73158 is a request to subdivide a 30 acre parcel into 102 residential lots, including two detention basin lots. The project site is located between Avenue Q and Palmdale Boulevard, east of 42nd Street East

Several Tentative Tract Maps were Approved or Extended for Multi-Family Residential in Lancaster

42nd Street and Ave H was approved on 20 acres to build 115 single family homes. The zoning is MDR (Moderate Density Residential) which allows 1-30 units per acre such as apartments or condos. This plan is for a Residential Planned Community of 115 single-family lots with one common lot for open space and recreation facilities in the MDR and R-7,000 Zones Recommendation a time extension was given to move the tentative tract map along. Two other approvals were granted on 15.1± gross acres located on the northwest corner of future 55th Street West and future Avenue K-14 Request: This is for a subdivision of 58 single-family lots in the R-7,000 Zone Recommendation. There was a one year extension granted. The same applicant requested and extension on 12.66 acres of R-7000 zoned land for 41 single family united. At 35th Street West at J. Two smaller developments were moved forward on 1.71 acres at 52nd West at J-8. This is for 8 single family units. A follow up meeting is set for July. Another 5 acres at 32nd West at M-4 was granted a one year extension for 9 single family lots on SRR zoned land. SRR is semi-rural residential 1-2 units per 1 acre. There is some housing planned for Lancaster. Not huge 40 or 160 acre parcels but things are progressing in the growth phase.