Santa Barbara Weekly Market Update (7/15 – 7/22)

Santa Barbara Housing Stats for Last Week:

38 – New Listings
24 – Price Changes
55 – Pending Sales
38 – Closed Sales
17 – Off the Market
13 – Back on Market

Yikes! 38 new listings? We need more inventory…especially considering that 55 properties went pending last week (that’s almost 8 homes selling per day!). Not all of them are sticking (I’m showing 3 that fell out of escrow), but the activity is still strong regardless. My active buyers continue to be frustrated with the sparse inventory, or that they end up competing with 26 offers…*(see below)*

 

Highest Priced Sale of the Week:

French Country Estate on 2 acres in Ennisbrook (Montecito) sold for $4,978,500. It was on the market for 510 days and was originally listed at $7,750,000

 

Lowest Price Sale of the Week:

2 bedroom/1 bathroom condo in Carpinteria sold for $205,000. Short Sale.

 

Best Buy of the week:

366 Merida Dr, listed at *$599,000*

Updated and super clean 4 bed/2 bath home in Kellogg School Attendance Area. Tropical landscaping and private yard. Seems too good to be true for $599,000… *(well, it was. The property had 26 offers in the first week, and rumor has it that several offers were above $700k!)* So while this may have seemed like an insane buy, the $599k list price was very misleading.

 

Things To Do in SB this Week:

Come down to Oak Park this weekend for some good ol’ fashioned Greek dancing, live music, and of course…Greek food (nom nom)! Santa Barbara’s 39th Annual Greek Festival this Saturday and Sunday (July 28, 29) from 11 am – 7 pm. Admission is Free!

 

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