Santa Barbara Real Estate Market Activity
Are you curious about the Santa Barbara Real Estate Market Activity?
In the month of April we brokered a total of 578 transactions a 17% increase from last year this time. Consequently, our average home prices and median prices have increased respectively by 5% and 2.4%. Sale of Single Family Homes in Santa Barbara are up by 7%, median up by 11% and average home prices up by 12.8% from last year this time.
On the contrary, our buyers are staying put to make offers, because there is not enough inventory available on the market. Buyers today are picky and expect better prices and better offerings. Having said that, we are not yet in the summer season and activity tend to increase during summer.
Over the last several years 2015, 2016, 2017 due to the demand prices increased astronomically and sellers were asking top dollar for their homes. As a result, it caused less affordability for most buyers in the residential real estate market. More precisely for buyers targeting homes priced lower than one million dollars. Therefore, it was just a matter of time for buyers to decide to sit longer and wait for a better offering to purchase a home for their family.
Overall, Santa Barbara real estate market activity is healthy and buyers are out and about looking for homes. As we are approaching the summer we advise sellers to price their home according to the market trend; in order to capture more buyers and avoid having their house sit on the market for too long. Pricing a home too high may result in the home sit on the market longer, while there are less home buyers.
Look for Fine Homes on http://www.SinaOmidiRealEstate.com and contact me with any inquiries at 805.689.7700 or SinaOmidiRealEstate@Gmail.com