Here are some of the latest market statistics here for Santa Barbara. The first report/graph below is an overall snap shot of the market with regards to inventory, prices, days on the market etc. It is all pretty self explanatory.
With regards to the overall feel of the market today…this seems to actually change weekly during the last few months. Most of the time the overall market feels pretty stable, but then we will have a few weeks where the market feels a little slower and vice versa. After a few slower weeks, once again we will see numerous properties pending sale and selling and the market feeling very strong. When I refer to strong it is mainly that properties are selling and the overall prices being pretty stable.
This second graph here below shows the inventory and sales. The levels of inventory also vary in our market depending on what price point you are looking at. Right now for example, there are plenty of homes for sale from the $400K to $700K price point. Many of these also tend to be short sales or distressed properties. Contrary to this, in the $2 to $4 million range, there does not seem to currently be a lot of “good” inventory and when a “well priced good home” comes on the market it sells.
This 3rd graph below shows the percentage of list price vs. selling price. This for me is a hard graph to rely on. Often I am asked the question of “How much homes are selling below their original asking price?” The reason this is hard to answer is that it can be skewed so easily.
When a home is overpriced, it will not sell here in today’s market. So if this home comes on at $1 million and eventually sells at $800K, some people interpret this as homes selling at 20% below asking. A good agent and an educated buyer/seller knows this is not the case. The home should of never been listed this high in the first place. There are constantly buyers in this market and when a home comes on that is priced well, it sells. Most homes that are priced well tend to sell anywhere from asking price to just below…and sometimes even over asking price.
If you have any specific questions about your home, the area you live in etc., please let me know. I would be happy to be of help.
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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
For more information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in the Santa Barbara area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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