Another spike in the Santa Barbara South County sales report for the month of October continues our streak of record real estate numbers this year. October sales grew 23% over the previous month, while numbers were up 66% over the same month last year. It also appears that closed sales picked up again this Fall, avoiding an early 4th quarter slump from years past. Perhaps buyers have taken the recent press coverage to heart regarding the quickly recovering local housing market.
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santa barbara south county
It's time we checked in again to gauge the overall health of the real estate market, both nationally and locally. Here's a quick roundup on how the market is faring as we leave the fast-paced summer months behind.
A recent article in the Wall Street Journal indicated that home prices posted their strongest gains in six years during the first half of 2012, a clear sign that many of the nation's real estate markets have hit bottom. While this statement looks promising, it came with a warning: hitting bottom shouldn't be confused with full-on recovery.
The biggest news continues to be a lack of inventory in many markets, which is pressuring house prices to gradually rise. Inventories of existing homes are at an eight year low, while fewer distressed homes have hit the market and many sellers postpone listing in hopes of an uptick in price.
Meanwhile here in Santa Barbara county, south county sales are up 43% year to date. This is an incredible gain, with sales coasting steadily throughout the summer at a record breaking pace. Over the course of the last five years, local market trends have seen a steep drop in sales over the summer months, while this year we experienced a steep gain in May and a solid summer plateau.
On the lower end of the market, inventory is extremely low while many sellers try to ride out the market bottom. Here in Montecito, the high end continues to be very strong, and our office is a flurry of activity!