Homes Sold In Santa Barbara – May 2019 – Market Update

 

Homes Sold In Santa Barbara

(May 2019)

In the month of May the number of homes sold in Santa Barbara increased significantly compared to the year before. We brokered a total of 192 transactions in Santa Barbara, which is up by 11% from May of 2018. Number of Single Family Homes sold in May rose by 18% indicating a healthy change in the market. Although median increased by 5% the average home price sold fell by only 3% in May, which again is a normal change and can be triggered by many different variables and events.

 

Montecito – In this market we have been witnessing a healthy growth in the number of properties pending and escrows closing. In April the number of transactions increased by 267% from the year before and in May we had 38% increase compared to May of 2018. Consequently, data shows that home values have appreciated on average by 7% from the beginning of this year and median increased by 12%.

 

Another piece of news that I’d like to share with you is the increase in the number of properties that are selling in the RED Zone areas. We are seeing more and more of these properties selling, of course at a lower price. This is a great indicator for the market. For more detailed info in this regards contact me.

 

Overall we are seeing a normal healthy activity in the market and as of today we only have 5.05 month of supply available. We hope this number increases as it will bring more buyers into the market.   

 

Visit www.SinaOmidiRealEstate.com to find your dream home in Santa Barbara and contact me with any inquiries.

 

Sincerely,
Sina Omidi, Broker
805.689.7700

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