Real Estate November 6, 2012

Look who’s buying homes in Santa Barbara

A recent study by the California Economic Forecast Project looked at 369 recent local home sales that took place from January to June of 2012 in the Santa Barbara area to determine where buyers are coming from and where sellers are moving to. The results are as follows.

Where the buyers are coming from:

69% are from the area; 84% are from California; 4% are from foreign nations; 12% are from various U.S. states; 28% are first time homebuyers; 12% are downsizing; 13% are purchasing an investment property; 11% are purchasing a secondary home.

The largest share of buyers from outside Santa Barbara County are coming from the Los Angeles area, followed by the San Francisco Bay area and Ventura County.

Where the sellers are moving to:

64% are staying in the area; 17% are relocating out of Santa Barbara County and remaining in CA; 13% are moving out of state; 5% have passed away; 1% are moving out of the country; 58% are downsizing.

With many more sales happening in the Santa Barbara real estate market this year there will be a lot of new numbers to add to this study. I look forward to keeping you informed and appreciate your inquiries.