Your Key to the Santa Barbara Real Estate Market: February
How's the Market?? That's the million dollar question, or at least for this month the $2,554,840 question! The average price shot up nearly $1M over last month due to the four sales over $5M, including a $27M sale on East Valley Road, and $16M and $14.8M sales in Hope Ranch. Needless to say, these numbers will tip the scale a bit!
For sellers, the market is getting more crowded but still showing signs of stability. Days on the market rose to 90 from 71 last month, we are right at 5 months of inventory for both homes and condos. A market is considered balanced between buyers and sellers between 4-6 months of inventory. Well-priced homes continue to sell quickly, often with multiple offers. And approximately 37% of pended escrows fell through, so don’t be shy about putting in or taking a back-up offer.
For buyers, the market is building up in inventory-- even before our peak season kicks in. A HUGE challenge we are seeing with buyers is not having their pre-approval ready to write an offer. If you or anyone you know is thinking about buying (even a year or more out), you need to have a local, proven lender in your corner. The stress and heartache resulting from not having the financial component dialed in is something you want to avoid!
Bottom line: whether the market is on its way up, down, or holding steady, we are always happy to help our clients make the most out of it. Super excited to see what Spring brings!
Ruth Ann & the Team
South Santa Barbara County
Statistics through January 2019