We broke through 100 sales per month in May and June, but then July finished under 100.
July 2023: 98 Total Sales
May Sales: 104
June Sales: 116
July 2022: 100 Sales
July 2022 was the initial crack in the floor. We have experienced 13 consecutive months of below
normal total sales.
For the four years before the pandemic we experienced approximately 1800 sales per year. Sales accelerated the second half of 2020 through March of last year, then eased off a little, and in July 2022 let off altogether. When 2023 ends, we are on track to finish with the lowest
total
annual sales recorded.
It appears a lot of sales were brought forward in 2020, 2021, and 2022 - now we're out of sellers. The absence of inventory is largely responsible for the diminished number of sales. When we don't add new inventory and the buying population continues to hunt for a home, prices go up.
Inventory has been slowly increasing for most of the year, peaking in July at 218 homes and condos, but this week we dropped back under 200 units for sale.
July's inventory finished at 2.2 months of supply, a new high for the year, but like other metrics is well below "normal."
Interest rates are determing who can buy and what can be bought. 49% of the sales in July were all cash.
Interest rates have hovered at or above 7% since late May. - not helpful for the financed buyer.
|
Total Sales: 98 -2%
Median Sales Price House: $2,100,000 +12%
Median Sales Price Condo: $904,500 -4%
Average Sold to List Price Ratio: 100%
Inventory Supply: 2.2 months
|
2 Bed | 2 Bath | 1526 SF | Listed: $1,125,000 -- Sold: $1,084,417
|
|
5341 Traci Drive, Santa Barbara, 93111
2 Beds | 1.5 Baths | 1283 SF | $1,050,000 -- Pending
|
|
1015 Calle Malaga, Santa Barbara, 93109
3 Beds | 2 Baths | 1699 SF | $2,895,000 -- Pending
|
|
Thinking of selling but want to make some upgrades first, consider having COMPASS Concierge pay for the upgrades.
|
COMPASS Concierge will loan you up to $40K for repairs, improvements, or upgrades at zero additional cost. $40K could be the difference in fresh paint, staging, and landscape clean-up resulting in a quicker sale at a higher price.
If you have questions, give me a call.
|
|
© Compass 2023 ¦ 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. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
marketingcenter-- |
|
|
