As Realtors, we throw a lot of numbers around during the course of a day. These statistics can be very confusing if you haven’t followed your source for a very long time. It can also be difficult to track trends. In this blog post, I will attempt to sort out what’s been happening from Carpinteria to Goleta in our residential housing market so you can easily understand what is going on.
I’ve been watching real estate trends in Santa Barbara County since the 1960’s. From then through now, we have seen about 5 cycles to date. These real estate cycles last on average of seven to ten years. Some cycles have gone on longer. However, on average, we have seen an escalation in prices with each cycle. So, if I drew a graph today, it would look like a staircase going up to the second story from the first story with highs and lows recorded.
Since October 2015, we have been in a balanced market in our whole area. A balanced market means we have three to six months supply of homes on the market. Nothing has changed out balanced market so far for October. Currently we have 610 residential properties that are available and we are selling four a day. This market velocity has changed since school started but very slightly. This slowing is called a “Seasonal Slowdown,” not a market cycle change. We were selling five a day and now it is four. Everyday people continue to buy and sell homes. Keep in mind this balanced market has been constant since October 2015 in our area.
The market is steady in spite of the inching up of interest rates this year. The fact is that if your home no longer suits your needs or if you are new to the area, you need a home. The good news is that there are homes available and sellers are willing to have buyers buy them. Let me know if I can help you do either, buy or sell. This is a great market to move into.