Your Key to the Santa Barbara Real Estate Market: January
Welcome to 2019! While 2018 was a bit like Mr. Toad's Wild Ride, the expectation for 2019 appears to be a bit smoother! Looking ahead, economist Mark Schniepp opines in his most recent economic forecast that "Homes will not be selling like hot cakes in 2019." This train of thought nationally and statewide is certainly supported by data, but on the other hand we all know Santa Barbara is something of a unique market. Overall, rising interest rates and other factors will likely temper— but certainly not stop—demand for housing here.
What does moderation of sales and prices mean to buyers? More choices! Last December saw a lean 2.98 months of inventory for single-family homes, and 1.97 months of condos. This December, the market velocity slowed to a more robust 3.48 months of single-family homes and 4.71 months of inventory of condos. The local market is still showing signs of strength and stability moving into the typical Springtime uptick.
Hot cakes or not, we are gearing up for a great year! If there's a real estate goal on your to-do list, we are always a call or text away!
Ruth Ann & the Team
South Santa Barbara County
Statistics through December 2018