With many various predictions and differing expectations for the housing market this year Santa Barbara is off to a great start. Year-to-date numbers show that inventory has increased for both homes and condos, 22% and 7% respectively. The number of homes under contract is up 23%, and number of condos sold is up 33%. So far the lower price point market has outperformed luxury sales, with entry level buyers taking advantage of the historically low interest rates still available. If interest rates begin to rise this year as many predict the Santa Barbara real estate market could shift back to seeing more higher-end all-cash purchases and less entry-level financed property sales.
Santa Barbara is also off to a great start this year regarding rainfall after the last several years of drought conditions. Recent rains have brought back the beautiful lushness of the area’s vibrant scenery, with many property landscapes showing more colorfully than ever before. Click here for the county’s yearly rainfall report that’s updated daily.
February also marks the start of Santa Barbara’s famous International Film Festival, attracting numerous celebrities, tourists, and paradise goers to the area. Popular events like this have certainly boosted the visibility and interest level of local real estate in the past. Click here for festival details including appearances by Denzel Washington, Emma Stone, Ryan Gosling, Casey Affleck, Michelle Williams, Isabelle Hubbert, and Jeff Bridges.
This is an exciting time in real estate for high demand markets such as Santa Barbara and I look forward to bringing you the most current information and attractive property opportunities offered throughout the year. As always your interest and inquiries are very much appreciated.