Whether you are new to the market or have been following real estate consistently for some time it’s not always easy to determine when a property is priced right. This is especially true when inventory is low and recent sales of similar properties took place months or sometimes years ago. In cases where recent comparable property sales are not available it’s important to look at past or current market trends to calculate reasonable values and prices.
Comparing a property’s asking price to its final sale price is the most accurate way to determine if a home was priced right in its current market place. Here are the current month’s home and condo sale numbers in the Santa Barbara area.
Under $1M price range
Total closed sales: 84
Average asking and selling price: $644,016, $645,943
Sold at or above asking price: 44
$1M to $2M price range
Total closed sales: 26
Average asking and selling price: $1,365,769, $1,328,244
Sold at or above asking price: 6
$2M to $4M price range
Total closed sales: 9
Average asking and selling price: $2,915,544, $2,788,532
Sold at or above asking price: 2
Over $4M price range
Total closed sales: 3
Average asking and selling price: $6,366,667, $5,900,000
Sold at or above asking price: 1
These numbers show that the properties selling in Santa Barbara are drawing very near their asking price, and in the under $1M price range more often than not they are selling for over their asking price. The good news for buyers is that there are many sellers pricing their properties right and still much lower than the highs of eight years ago.
If you would like a comprehensive market analysis of any property in the Santa Barbara area I’m happy to assist you. My consultations are free and your inquiries are appreciated.