Real Estate Market Update for Santa Barbara and 2012 Forecast

Last week, Leslie Appleton-Young, Chief Economist for the California Association of Realtors, stopped by the Fess Parker Doubletree Resort in Santa Barbara to give her Real Estate and Housing updates for 2011, and her predictions for 2012. I’ve linked to the entire presentation below, but here are a few of the take-homes:

  • Number of Sales for Santa Barbara continue to surge – up 39.7% Year over Year
  • Median Sales Price in Santa Barbara continues sliding – down 11.6% Year over Year
  • In 2011, about 30% of Sales in Santa Barbara were Distressed Sales (REOs, Short Sales) – up from 2010
  • Appleton-Young predicts modest growth for Santa Barbara in 2012 – continued increase in number of sales and slight rising of Median sales price

Weekly Housing Statistics for South Santa Barbara County (ending 6/12)

Here are the numbers for last weeks real estate activity in Santa Barbara (Carpinteria to Goleta):

61 New Listings
71 Price Changes
43 Pending Sales (6 home sales per day average)
26 Closed Escrow
27 Off the Market
16 Back on Market

We saw strong activity in housing last week. 43 escrows opened, and 35% of those are over $1 million. This could be the start of our summer surge.

Weekly Housing Statistics for South Santa Barbara County

Here are your real estate stats (Carpinteria to Goleta) for the week ending 6/5:

62 New Listings
43 Price Changes
43 Pending Sales (6 home sales per day average)
– 33% over $1 million
24 Closed Escrow
– 25% over $1 million
39 Off the Market
14 Back on Market

Weekly Housing Stats for Santa Barbara

Here are last weeks housing stats for South Santa Barbara County (Goleta to Carpinteria):

56 – New Listings

38 – Price Reductions

31 – Pending Sales

15 – Off the Market

9 – Back on the Market

The number that sticks out here is the 15 Off the Market and 9 Back on the Market, which is the lowest number of fall-outs we’ve seen in a while. From what I hear from some escrow officers in town, they are seeing more transactions staying together. Just over a year ago, we were seeing about 50% of escrows falling through, so it is promising to see less fall-outs. Hopefully this is a recurring trend.