Real Estate August 30, 2011

Sales are up and inventory is down

The perfect buyer storm is looking like it won’t last forever. With prices discounted up to 50% from 5 years ago and interest rates hovering at historic lows we’re starting to see inventory dry up in and around Santa Barbara.

For those qualified to purchase, now is the time. Over the past two weeks the number of sale pending and sold properties priced under $1 million has increased in every category (Homes, Condos and Land). At the same time the number of available homes has decreased in each category.

The recent uncertainty of other investment markets also looks to be putting more real estate sales in the books, including a larger number second home purchases. Although real estate can go up and down it’s typically treated as a longer term investment which helps keep possible volatility more manageable.

Santa Barbara’s best weather months are ahead. I hope to see you out enjoying and looking at real estate soon.