Often as a Realtor I am asked…for obvious reasons:
- Where is the real estate market these days?
- How is the real estate market these days?
- Are homes selling fast, slow etc.?
Basically all of these questions mean “What is happening in Real Estate right now?”
Across the board from the lower starting end at around $200,000 to $600,000, to the middle of the market from $700,000 to $1.5 million all the way to the luxury high end of $5 million and above, homes are selling.
In the lower end from around $200,000 to $600,000, most all homes are selling within days to a few weeks. Additionally, if a home is priced at market price, it is also selling at right around asking price. For the buyer and seller, it is almost luck of the draw on how good of price they can get. If your buyer is the only buyer they tend to get a little below asking on the price. If there are a few buyers (which is much more common), then the home is most always selling at asking price or even just above asking price.
In the $600,000 to $1.5 million price point, we are also seeing a very good amount of activity and often homes do have 2-3 offers on them. I would say that in the last 2-4 months, 8 out of 10 homes in this price point are tending to sell within the first 2-4 weeks and again some within days. Homes that are sitting these days tend to simply have had back luck, need a lot of work and/or are just overpriced.
In the $1.5 million and above price point, the market is also very strong with the main issue here being the lack of inventory. There seems to be a decent amount of buyers waiting and willing, but can not find the right home…price not being the issue. When a good home does come on the market it is usually gone quickly.
Most people (buyers, sellers, Realtors etc.) that I have talked with in the last several months seem to have a definite feel that prices are pretty close to the bottom here in Santa Barbara, or at least close enough that they are comfortable with where the market is at. Combining this with the historical low interest rates and we are seeing a lot of activity with purchases for both primary residences and investments. On top of this, we are also seeing a lot of cash buyers out there across all price points.
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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.