With all of the dismal news about the economy and upcoming election there’s been something in the spotlight in addition to the Olympics. It’s the housing market. Home prices are beginning to rise according to the S&P/Case-Shiller Home Price Indices. According to a recent article in the LA times “shrinking inventory” is having a profound effect on market dynamics in many areas. “The stock of homes listed for purchase has fallen significantly from last summer, in turn raising prices and homeowners’ equity stakes and reducing total sales.” “Bidding wars are spinning off the charts.” To read the full article click here.
High demand areas like Silicon Valley, for its jobs, and Santa Barbara, for its luxurious environment, are seeing market dynamics move the most. In Silicon Valley there’s a recent example of a modest house that drew more than 50 competing offers. In Santa Barbara last week a similar home drew 28 competing offers.
I appreciate the opportunity to keep you updated on the most currently available and interesting properties in Santa Barbara. Thanks for all of your inquiries.
This week is Viva La Fiesta in Santa Barbara! I hope to see you at the festivities!