Santa Barbara is heading into this summer with 15% more housing inventory than last summer, except for properties priced under $1 million where availability has dropped 26%. Sales have slowed as a result with 44% less closings so far this year in the under $1 million price range and 7% less closings in the over $1 million range. Amidst the lower number of sales the overall median price for homes and condos in Santa Barbara has risen 12% from a year ago.
The real estate market may be gearing up for a very active summer as a result of the suppressed sales so far this year. Summer is certainly set to bring more activities to the Santa Barbara area for all who are ready to enjoy. Following are several favorites to attend.
May 24-26 – I Madonnari Italian Street Painting Festival, The Santa Barbara Mission, 10am-6pm daily
June 1 – Platinum Performance State Street Mile, State and Pedregosa, 1st heat at 8am
June 12-15 – 68th Ojai Music Festival, Libbey Bowl and various locations
June 7 – World Oceans Day, Stearn’s Wharf, West Beach, East Beach, Ty Warner Sea Center, 10am-3pm
June 7 – Los Olivos Jazz & Olive Festival, Lavinia Campbell Park and Grange Hall in Los Olivos, 1 4pm
June 7-8 – Santa Barbara Home & Garden Expo, Earl Warren Showgrounds, Saturday 10am-5pm, Sunday 10am-4pm
June 8 – Ojai 2013 Wine Festival, Lake Casitas Recreational Area, noon-4pm
June 13-15 – Live Oak Music Festival, Live Oak Camp (Off Hwy 154)
June 21 – Summer Solstice Parade & Festival, 12 Noon (parade), on State Street from Cota to Micheltorena Street and festival in Alameda Park from 12:00 8pm
June 25-29 – 62nd Annual Lompoc Valley Flower Festival, Ryon Park, Lompoc
June 28 – Santa Barbara Wine Festival, SB Museum of Natural History, 2559 Puesta del Sol, 2 5pm
June 28-29 – SB 78th SB Tennis Open Tournament, Municipal Tennis Courts
I look forward to seeing you this summer and as always, appreciate your inquiries.