A little late to be doing a recap of the 2012 real estate market here in the Santa Barbara area, but with the last 5 weeks filled with a combination of my family getting sick, being extremely busy with work and the lack of sleep because of our new little baby…that is what unfortunately happens.
So what happened in 2012?
In hindsight it is now very clear to see that anyone who had the foresight to buy property from around October 2011 – April 2012 were able to time the bottom of our real estate market. In early 2012, you could pretty much pick from a bunch of listings in your price point and go make offers less than asking price on each one. Sellers were very happy to see any and all offers.
By June, the market really started to change and we were seeing some multiple offers starting to pop up and lack of inventory as all the listings that had been on the market were finally being sold. Combining this with the incredible low interest rates and our market completely changed from June 2012 until now…and is still moving in this upwards direction.
Since June, our market across the board has seen an increase in price from around 15-18%. This is true for condos as well as single family homes. The summer proved to be very strong and by Fall most buyers were realizing the market had completely changed and that any new listing was seeing offers within a few days.
“Pretty much all listings throughout the Fall that were sitting on the market were either simply priced way to high or had some serious issues”.
By late 2012, everyone knew the market was hot and that most likely we were not just seeing a “blip”. Who knows where and what 2013 will bring, but so far most everyone is convinced that we are simply going to see prices continue upwards to some extent and homes selling fast.
Hope that 2012 was a great year for you and your family. Whenever you have any real estate needs, please feel free to be in touch.