The first month of summer in Santa Barbara has shown an interesting market trend as the median price for homes has risen and number of sales has dropped. The median price for June was up 16% over May’s median price and 10% over June of 2010. The number of closings for June was down 10% from May and 12% from June of last year.
With an increase in the number of homes that have gone under contract in June, up 15% over May and 33% over June of 2010, we will likely see the number of closings trend upward as the summer progresses. This will be interesting to see. Historically in Santa Barbara July and August show a slight slow down in closed sales when compared to June, however this year looks to be shaping up differently.