The numbers for January were light but brisk.
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Coupled with the absence of inventory and the surge in rates, there aren't a lot of sales, but there remains a lot of buyers.
January finished with 69 sales; 26% of those sales were all cash.
Average Days On Market in January was 31 and Sold Price to List Price was 95%.
Last year January there were 107 sales. Average Days On Market was 23 and Sold Price to List price was 102%.
The market dynamic year over year for January to January has changed, but with so little inventory, Sellers continue to be in the driver's seat.
The current surge in mortgage rates has adversely impacted affordability and
reduced the number of qualified and willing Buyers, but
there remains more than enough buyers in the market to sustain current price levels. It's common to hear of multiple offers. For entry level homes priced under $1.5M, there are several stories of ten to twenty offers per property and sometimes more.
The second half of last year, prices seemed to moderate and even drift down a little. With the onset of 2023, buyers have been very active chasing limited inventory. As a consequence we are not seeing a continued drop in price as the year gets underway.
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Total Sales: 69 -36%
Median Sales Price House: $1,781,469 -9%
Median Sales Price Condo: $900000 +3%
Median Days On Market: 31
Average Sold to List Price Ratio: 97%
Inventory Supply: 1.2 months
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What to expect from here...
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The Fed holds the key to interest rates and the economy.
Will rates go higher?
Will the FED get a handle on inflation?
Will unemployment go up meaningfully?
Will there be a Recession?
Time will give us the answers to these questions. In the interim, we need inventory. We have willing and able buyers.
The proverbial million dollar questions is - what's going to make more people want to sell?
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Santa Barbara's Shoreline Condos
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COMPASS Concierge will loan you up to $40K for repairs, improvements, or upgrades at zero additional cost to you. $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.
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Santa Barbara 1880's - looking north, northwest across Mission Creek up to the Riviera. Not many houses to buy or sell back then...
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© 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.
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