Average Sales Prices Up Due to Supply and Demand

July marks the middle of the high sales season for most markets across the country and Santa Barbara is no exception. We see five homes a day close escrow, each day, from Carpinteria to Goleta for a total of 163 sales closed in July. The Pending sales are reported at six sales a day or 182 at month end. These homes should close in August.

This looks more like our normal market than in the past few years with the number of sales up over 160 for the past 3 months, the highest in the past four years.

The inventory is holding at around three months supply again for the fourth month. This low inventory marks a seller’s market with faster marketing times and stronger prices due to the low supply and high demand. Do not let anyone tell you that we are in a depressed real estate market here in Santa Barbara area. The low interest rates are still helping buyers buy with the lowest payments ever and sellers sell at closer to their asking price than in the recent past. This is the market we have all been waiting for.

Since people buy and sell everyday it is nice to know this is an excellent market to do so.

Elaine Abercrombie
Broker, Past President to the Santa Barbara Association of Realtors and Multiple Listing Service

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