Posted November 18, 2014
Santa Barbara's beauty keeps the market trending!
At the end of 3rd quarter we had an INCREASE in Inventory, a HIGHER median price and a DECLINE in closed escrows. The median price was $909,000 in September of 2013. It was $1,199,000 in September of 2014. That is a 32% increase. There are more higher priced homes going under contract this year than last. With more people pricing their homes higher due to the median price increasing and inventory decresing, Buyers may hold out on Buying and wait for that perfect home. This will be interesting to see. Here is a picture of South County Sales for the month of October for the past 12 years. For October 2014 the median price is lower, but the average price is higher with a higher number of sales. The total number of sales over $1,000,000 is greater as well. This can only mean the market is strong and people are willing to spend money on that perfect home. Lets hope it continues through the new year and Sellers don't get too greedy with pricing their home.
The Market Trends for the Santa Barbara South County from 2006- 2014.
Lets try and beat last years numbers!