During the recent Santa Barbara County Real Estate and Economic Outlook Conference held in November interesting market trends were looked at regarding where buyers are coming from and where sellers are moving to. Information was taken from over 421 local sales that took place during the first half of the year. Over 60 percent of the sales were produced by the number one real estate company in the area, Village Properties.
Here are some of the highlights.
• Two-thirds of all Southern Santa Barbara County homebuyers came from the region, while out-of-area buyers purchased the remaining one-third.
• Fifteen percent of the buyers were from out-of-state and less than one percent were from out-of-country.
• Twenty-five percent of sales were from first time buyers.
• Twenty-six percent of sales were investment and secondary home purchases.
• Sixty-nine percent of purchasers were employed locally, while the rest were retired, unemployed, or employed in other areas.
• Seventy-one percent of sellers stayed in the region.
• Forty-five percent of sellers downsized.
These trends are mostly consistent with years past. The two categories that changed the most were on the selling side. 1) There were a considerably larger number of sellers that stayed in the region and 2) There were a smaller number of sellers that downsized.
Part of what makes Santa Barbara such a wonderful and desirable place to call home is its wide variety of people and real estate. It’s been a long time pleasure of mine getting to know both and having the privilege to serve in bringing the two together. Thanks for your inquiries and the opportunity to assist you with any of your needs.