In December of last year I published the months of inventory or “market velocity” in Santa Barbara for six different price ranges. This is the amount of time it would take all of the homes on the market to sell at the current sales pace. The calculation is made by dividing the number of homes now available by the number of homes that have gone under contract over the past month. December of last year actually saw more closings in South Santa Barbara County than any month prior dating back to August 2005.
The months of inventory or “market velocity” for Santa Barbara today compared to December is as follows:
For Homes and Condos:
Under $500K: .3 months (9 days) of inventory (down from .9 months (27 days))
$500k - $1M: 1.2 months of inventory (down from