Real Estate August 28, 2012

It’s been a hot Summer!

May, June, July and August of 2012 have all been hot sales months in Santa Barbara with each month posting over 200 closings. This kind of sales volume has not been seen since 2005. With a market recovery taking place it’s interesting to look at median prices from top to bottom. Currently the year-to-date median sale price for a home in South Santa Barbara County is $825,000. In 2005 the number reached an all-time high of $1,285,000. That’s a 35.8% drop in median sales price from top to bottom.

With such a large drop in median price it’s not surprising that sales this year are reaching all time high levels. This is despite incredibly tight lending standards and a consistently shrinking inventory supply. The allure of lower prices has drawn more and more buyers to the table.

Being well informed in today’s dynamic marketplace can make significant differences whether you’re a buyer or seller. I appreciate the opportunity to help you with your most important decisions and thank you for your inquiries.