If the first two months of 2015 are any indication of how the Santa Barbara real estate market will perform this year we should be in for a very active year of sales. January and February are typically two of the slowest months regarding homes going under contract, even though harsh weather in other parts of the country bring a lot of travelers looking for opportunities. An increase in second (or third, fourth, fifth, etc.) home purchases from recent visitors has certainly added to the increase in sales we’re experiencing.
Current year-to-date home sale increases over last year are as follows.
Active Listings: +4%
Pending Sales: +40%
Sold Volume: +46%
Active Listings: +9%
Pending Sales: +45%
Sold Volume: +59%
The median sale price for both homes and condos in Santa Barbara so far this year has remained virtually unchanged, $1.16 million for homes and $560,000 for condos. This is in part due to many sellers pricing their properties aggressively in order to attract the most qualified buyers that know the market and have the means to purchase now, or wait.
The amount of inventory which becomes available over the next ten months will undoubtedly be the biggest factor on the total number of home sales this year. With eyes on the past several months of pending sales and activity one can certainly feel confident that now is a good time to buy or sell real estate in Santa Barbara.