Real Estate April 10, 2012

1st Quarter Stats

How did the Santa Barbara area real estate market do in the 1st quarter of 2012? There was a 31 % increase in the number of residential home sales in the 1st quarter of this year with 247 units sold compared to the 1st quarter of 2011 with 188 units sold. Similarly there was a 40% increase in sold dollar volume. Number of homes that went under contract increased 52%, showing a strong start for the 2nd quarter.

Condominium sales also showed a nice increase of 26 % with 73 units sold this year versus 58 units for the 1st quarter of 2011. There was a 7% increase in sold dollar volume for this segment of the market. The number of units that went under contract increased an incredible 122%, which should translate into a huge number of 2nd quarter closings.

With pending sales at such healthy levels we can only predict that 2012 will continue to out perform 2011. Here’s to a good year!