It’s September 1st and with kids back to school and Labor Day around the corner this time of year is a transition period for many people and businesses. So what type of transition is the real estate market in for in Santa Barbara? While June and July has seen an increased number of closed sales versus the past couple of years, the number of closed sales in August has dropped off quite a bit. On the other hand the number of homes currently under contract is considerably higher than in years past. According to the number of pending listings the amount of closings for this September could end up being one of the highest since 2005.
There’s certainly been much talk over the past month regarding the economy and interest rates. With seemingly more contributing factors than in years past it’s hard to predict when the long string of historically low interest rates that we’ve seen in the housing market will come to an end. Between now and that time, as in the past, there will likely be an influx of buyers purchasing homes who want to avoid the higher monthly payments associated after a rate hike. This may be one of the reasons why August’s pending sales have come in so strong.
I look forward to keeping you posted on the relevant and forthcoming real estate events that will continue to transition the housing market in and around Santa Barbara.