June 2012

Found 2 blog entries for June 2012.

With historically low interest rates and the lowest real estate prices seen in close to 10 years there are many reasons to consider purchasing a new home. The difficulty for many buyers now is a growing shortage of properties to choose from.

At this time last year there were a total of 953 active listings in the Santa Barbara area. This year there are only 671, representing almost a 30% drop. With more buyers looking the competition is getting fierce. This same scenario is happening in many Southern California real estate markets as pointed out in the recent L.A. Times article that was published on June 10th. “The newest problem for the slowly improving housing market isn’t a shortage of serious buyers, it’s a shortage of good homes.” Click here to read

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May 2012 proved to be a huge month in Santa Barbara real estate with sales volume doubling over last May and making up over one third of the entire sales volume this year. There were 190 closings totaling over $281.7M in volume this May along with a 79% increase in properties under contract for the month when compared to last year. This is the largest number of sales for May since the year 2005 when Santa Barbara was experiencing a peaking market.

The increased number of properties under contract in May also tells us that June and July will see similarly large sale gains. The difficulty for buyers now is that with all of the recent sales there is a much lower inventory of available properties. There are currently 29.5% fewer properties for buyers to

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