Real Estate February 28, 2012

Santa Barbara’s hot

How is the Santa Barbara real estate market shaping up for 2012? For houses, PUDs and condos the following first month increases took place as compared to the same time last year. The number of properties under contract increased 79%, the number of closed escrows increased 36%, the sold dollar volume increased 46%, and the median sale price increased 10%.

This year Santa Barbara may post its hottest sales numbers since 2007. It will be quite some time before the median sale price returns to the over one million dollar level reached from 2005 through 2007, but most sophisticated buyers are recognizing that they may not see prices like they’re seeing in 2012 again. Choosing from the currently low inventory level is difficult but may show to have its economic advantages. It will take higher prices before many owners will consider selling properties that a large number of buyers are specifically looking for.

As always your inquiries are appreciated!