October 2013

Found 3 blog entries for October 2013.

The lack of inventory continues to put upward pressure on Santa Barbara real estate prices. The low availability of entry level priced homes has also slowed sales in the under $1 million price range. Currently there are only 63 homes available in the Santa Barbara area, stretching from Carpinteria to Goleta, priced under $1 million. From the end of October to the end of December Santa Barbara usually sees inventory levels drop by 25% or more. That being the case there will only be 50 or so homes available in the under $1 million price range by the end of the year.

C.A.R.’s 2014 California Housing Market Forecast was released a couple of weeks ago and states that the median California home price is predicted to rise 6% next year after experiencing a

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We’re starting to see an increase in the number of new and remodeled homes coming on the market. With the foreseeable rise of construction costs and real estate values many homeowners are feeling that this is a better time to remodel and/or build than in the future. There’s currently a serious shortage of labor and materials in the homebuilding industry. Two years ago contractors were short on work and willing to accept wage cuts while many had to leave the industry entirely. The builders that remain are now hunting for skilled labor and are seeing the cost of materials beginning to rise. The extra costs incurred by these builders and contractors will be passed on to the consumer.

With more remodeling and building going on in the Santa Barbara area

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The Santa Barbara real estate market is looking good as it heads into the fourth quarter of 2013. This is amidst recent national news articles pointing to other areas of the country as beginning to experience a real estate slowdown. Many of the prominent headlines read “Pending Home Sales Decline in August”. One article refers to low inventory, higher interest rates, increased home prices and restrictive lending as contributors to the decline in sales. It states that homes going under contract dropped 1.6 percent from July to August this year. Read the full article here.

By contrast, Santa Barbara saw a 5.6 percent increase in the number of homes under contract from July to August this year. September has also shown a considerable increase in the

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