Low inventory and rising list prices are becoming the trend in most housing markets across the United States. A headlining Inman News article last week mentioned that 8 of the top 10 markets with biggest declines of housing inventory are in California. 9 of those top 10 markets have seen more than a 40% decrease year-over-year. There’s no doubt that the demand for “good” inventory is high as multiple offers for the best homes has become a regular occurrence. In Santa Barbara there’s been a 27% decrease in inventory year-over-year and an extraordinary increase in multiple offers for the most sought after parcels.
The referred to article also mentions that 5 of the top 10 markets for increase in list prices are in California, headed by Santa Barbara County at 38.96%. The median sale price in Santa Barbara was also up at 15% year-over-year in August, as well as 15% so far in September. Median sale prices in Santa Barbara had stayed surprisingly flat for the first half of this year.
To read the full Inman News article click here.
I appreciate the opportunity to keep you on top of the inventory if you are planning to buy or sell a home. Your inquiries are much appreciated.