May 2012 proved to be a huge month in Santa Barbara real estate with sales volume doubling over last May and making up over one third of the entire sales volume this year. There were 190 closings totaling over $281.7M in volume this May along with a 79% increase in properties under contract for the month when compared to last year. This is the largest number of sales for May since the year 2005 when Santa Barbara was experiencing a peaking market.
The increased number of properties under contract in May also tells us that June and July will see similarly large sale gains. The difficulty for buyers now is that with all of the recent sales there is a much lower inventory of available properties. There are currently 29.5% fewer properties for buyers to choose from in Santa Barbara this year when compared to last.
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