Photo Courtesy of Sophia Hodson
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~ Sunrise ~
2022 has begun
To pick up where we left off last month
- total rainfall for January: 0.14" -
Available inventory: 108 homes, condos, and mobile homes -
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Inventory appears to be on a treadmill. It's moving, but it's not increasing. Properties come on the market and typically pend within 5-10 days.
For the first five weeks of the New Year, weekly available inventory is running at the same level as the week in between Christmas and New Year's. That's not normal for the second week of February - available inventory is very light at 108 total residential properties.
Sales for January in the MLS, as a consequence, year over year are down 25%.
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Interest rates are on the rise. The 30 Year Fixed Rate is roughly 1/2 to 3/4 % higher than what a borrower could find in December. Today they hit 3.89% - a week ago the rate was 3.69% - last year August the 30 Year Fixed average was 2.78%
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Remember the 70's... Today, housing prices are much higher, interest rates are much lower, but there's limited inventory and affordability is an issue. In Santa Barbara there's no land left to develop.
The housing boom in the 1970's...
"The real estate price explosion in southern California [in the 70's], which sparked a national boom still continuing elsewhere, has stopped. The bubble that everyone said could never burst has burst. ...In the 10 years from 1970 to 1980, the price of the average house in Beverly Hills went up by a factor of almost seven."
Do you know where interest rates were in 1981? 16% Do you know why? Inflation
The Fed trying to stop inflation began raising interest rates. It worked, but it was painful.
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Where we are this time, no one knows for sure, but there are lots of prognostications. It seems like this is the year of change. The pandemic that fueled this housing surge is subsiding. Perhaps things will normalize throughout the year. Will house prices dramatically decrease? Highly unlikely, but there is a sense they can't continue to go up at the same rate of appreciation.
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December 2021 Sales Stats
Median Sales Price Condo:
Current Inventory: 0.5 Month Supply
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Total Annual Sales: 2216 +5%
Median Sales Price: $1,875,000 + 24%
Median Sales Price: $840,000 +11%
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Lowest Priced Home Sale of 2021
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Highest Priced Sale of 2021
1655 Fernald Point Lane
$45,000,000
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Housing News 2022:
Fannie Mae Forcasts a
"Return to 'New' Normal'
... expects 2022 to be a year “of transition for both the economy and the housing market.”
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These Are the Biggest Color Trends To Keep An Eye On In 2022
The colors we surround ourselves with can directly impact our emotions. Choosing the right dining room paint or the best pop for living room paint colors can make all the difference in uplifting the mood of any space. And after two rather interesting years, more and more design enthusiasts are turning to color to liven up their homes and create spaces of inspiration.
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Organization Tips for Every Room in Your Home
Organizing your home doesn't have to happen all at once. Go room by room with these practical storage solutions and decluttering ideas for kitchens, bathrooms, living areas, and more.
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© Compass 2022 ¦ 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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