April 2012

Found 2 blog entries for April 2012.

Of the 20 property sales that our company participated in last week, 7 were involved in multiple offers, a 35% ratio. Of the 30 property sales that showed closed in the Santa Barbara Multiple Listing Service, 7 sold above original list price and 4 sold at original list price. That’s a 36.7% ratio of properties that sold at or above their asking prices.
 
There are many reasons for the increase in competition for properties in Santa Barbara. Currently there are only 704 active listings in the area, where at the same time last year there were 902. Sellers are continuing to price their properties competitively and interest rates are still being offered at historic lows. This low availability coupled with higher affordability has definitely raised the heat on

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How did the Santa Barbara area real estate market do in the 1st quarter of 2012? There was a 31 % increase in the number of residential home sales in the 1st quarter of this year with 247 units sold compared to the 1st quarter of 2011 with 188 units sold. Similarly there was a 40% increase in sold dollar volume. Number of homes that went under contract increased 52%, showing a strong start for the 2nd quarter.

Condominium sales also showed a nice increase of 26 % with 73 units sold this year versus 58 units for the 1st quarter of 2011. There was a 7% increase in sold dollar volume for this segment of the market. The number of units that went under contract increased an incredible 122%, which should translate into a huge number of 2nd quarter closings.

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