Life seems to be cyclical. Things occur and reoccur on a regular basis. The seasons come and go each year although each year is different from the past. Within the real estate industry there are cycles too. This is the time of year that we typically have a seasonal slow down.
At this time of year, when children go back to school, the market typically slows a bit from the summer flurry. However, this year seems to be a bit different. We were in a sellers market January through March, and in a balanced market since that time, meaning that we have over a 90 days supply of homes for sale.
The inventory of residential units in the Multiple Listing Service and new developments in and around Goleta all seem to be selling at a good pace. The market velocity for August saw six a day sell and in July 5 a day. Not slow down here.
Rates are in and around 3-5%, depending on the loan type and size. These rates are still good for buyers who want to purchase a home.
With properties going in to escrow on average of 62 days of being exposed to the market, and selling at 95-97% of list price, means our market is very healthy and appears to be continuing in that direction.