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Real Estate
September 2020 Insights
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Fall is in the air, and the September numbers are in. If you thought August was something to behold, wait til you see the September results.
Covid has changed everything this year. In the Spring, it was uh-oh - deals fell apart; interest rates shot up; open houses were shut-down. Now inventory can't keep up with demand.
More people are able to work remotely and many are being asked to do so; some folks want out of the Big City; and interest rates are at all time lows. The 2020 emphasis on "home" is about quality of life - security, privacy, rooms, amenities, and outdoor space. Why not "home" in Santa Barbara!
It's a great time to sell if you know where you want to go or what you want to do next. With the shortage of inventory, it's not uncommon to see multiple offers on properties.
If you're a buyer, interest rates are near all-time lows. The difficulty is potentially competing with others for the same property. It's important you do what you can in your offer to stand-out.
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October's numbers will be in soon, and total sales are slowing, but some of that is simply new listings are slowing. Demand continues to outstrip supply. Persistence and patience may be necessary to win in this environment.
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September 2020
Total South County Sales
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272 Homes & Condos
September 2019: 156 Sales
Up 74% Year Over Year
Single Family Median Sale Price: $1,725,000
Condominium Median Sale Price: $802,500
13% of the Sales were Off-market
28% were All-Cash
*Average 30-Year Fixed Rate Mortgage as of 11/02/2020: 2.99%
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Montecito and Hope Ranch appear to have set all-time records for number of sales in a single month -
September 2020:
Montecito sold 56 properties
17 of those sales were $5M or more.
For all of 2019,
Montecito sold 221 properties and that was a good year.
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Hope Ranch, although a much smaller market, experienced a significant September as well. Two of the nine sales were over $5M.
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SOLD
Properties I had the privilege to sell in September. Thank you each! I couldn't do it without you.
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1106 Del Sol Avenue
The Mesa
3 Bed | 2.5 Bath
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282 Rosario Park
San Marcos Pass
2 Bed | 1 Bath
SOLD: $642,000
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2211 Mt Calvary Road
Santa Barbara Foothills
5 Bed | 6.5 Bath | $5,595,000
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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