Real Estate April 24, 2012

The Competition is Heating Up

Of the 20 property sales that our company participated in last week, 7 were involved in multiple offers, a 35% ratio. Of the 30 property sales that showed closed in the Santa Barbara Multiple Listing Service, 7 sold above original list price and 4 sold at original list price. That’s a 36.7% ratio of properties that sold at or above their asking prices.
There are many reasons for the increase in competition for properties in Santa Barbara. Currently there are only 704 active listings in the area, where at the same time last year there were 902. Sellers are continuing to price their properties competitively and interest rates are still being offered at historic lows. This low availability coupled with higher affordability has definitely raised the heat on competition for properties in paradise.
If you’re interested in a particular property or would like more information about the market I would enjoy hearing from you. Your inquiries are appreciated.