Santa Barbara Weekly Market Update (7/8 – 7/15)

Housing Stats for South Santa Barbara County Last Week:

54 – New Listings

27 – Price Changes

42 – Pending Sales (that’s 6 sales/day avg)

48 – Closed Sales

16 – Off the Market

18 – Back on Market

The surge of activity continues, with 42 properties going into escrow last week. The good news is that the pending sales are actually closing, which is noted from the 48 properties that closed escrow. We’re seeing a few more new listings and properties back on the market, which actually isn’t so bad considering the slim inventory we’ve seen most of the summer.

Highest Priced Sale of the Week:

14+ acres on Roble Dr in Hope Ranch sold for $18,101,063

 

Best Buy of the Week:

3095 Eucalyptus Hill RD, listed at $1,895,000 with Village Properties

Updated and classy 3 bedroom and 3 bathroom home on over ¾ acre in Montecito. High-end and quality finishes throughout the home, with a sprawling back yard ideal for entertaining.

 

What To Do in SB this Week:

Check out the California Wine Festival down at Chase Palm Park at the beach. Beachside Food & Wine Fest on Saturday 1-4pm (VIPs 11:30am). Wine tasting on the beach is very Santa Barbara… Get the scoop here.

 

Pending Home Sales Up in March

The number of pending home sales (or homes under contract) in March is up both month-over-month and year-over-year. The Pending Home Sales Index (forward looking indicator based on contract signings) rose 4.1% to 101.4 in March. This index is at the highest level since April 2010 when it was at 111.3, and was also the height of the First Time Home Buyer Tax Credit. We’ll have to wait and see the number of sales closings in a couple of months, but so far the 1st Q closings for 2012 were at the highest levels for 1st Q closings in 5 years. We’re even seeing prices start to rise in certain areas.

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