Photo courtesy of L. Paul Mann
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“Fallen leaves lying on the grass in the November sun bring more happiness than the daffodils.” - Cyril Connolly
This time of year brings us clouds and sometimes even rain.
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Unfortunately, we don't have any housing inventory to speak of. When it comes to the greater South County Santa Barbara housing market, the past two years have been unprecedented. The housing market continues to be the friend of the Seller and difficult to productively navigate for the buyer.
There is simply not enough available housing inventory for all the active buyers.
Price points, although important to most, seem irrelevant to many and continue to move up.
2021 started off with a flurry of activity - the pace of which seemed to quicken month after month. Only in the last few months have monthly sales volumes fallen off year over year but only because there is limited inventory to purchase for would-be buyers.
Sales are up.
Values are up.
Inventory is down.
Interest rates remain low.
Today's 30 Year Fixed Rate Mortgage: 3.27%
I'm often asked, who are the buyers? where are they coming from?
The short answer is they are coming from all across the country. Historically, 7 out of 10 buyers are local. Today, only 3 out of 10 buyers are local - that is the opposite of the last 30 years.
Los Angeles is our single largest feeder market.
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Total Sales: 155 (-24%)
Median Sales Price Home:
Median Sales Price Condo:
All Cash Sales: 35%
Current Inventory: 0.94 Month Supply
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Here are how the sales broke down for the month.
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YTD through November 30, 2021
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Median Sales Price Home:
$1,889,000 +25%
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With the absence of inventory we are experiencing the highest and fastest rate of price appreciation in recorded history.
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T
here’s never been a housing market quite like this before.
Today’s real estate agents are pulling double duty as therapists, consoling heartbroken homebuyers who lost out on their fifth—or 15th—home. First-time homebuyers around the country are being outbid by investors—some of whom are willing to pay more than $100,000 over asking price. Wealthy buyers offering all cash for second homes are sending prices ever higher, pushing the dream of homeownership out of reach for many folks.
Meanwhile home sellers are enjoying the benefits of life in the fast lane: the ultimate seller’s market. Can all this last? Is this really going to become the new normal?
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Through the end of November there were 185 sales in the MLS at $5M or more. To put that into perspective - as recently as 2018, there were only 39 sales in the MLS at or above $5M.
134 of the 185 sales were located in Montecito
2021 Montecito Sales Volume: $2,068,167,039
2018 Montecito Sales Volume: $630,124,500
Prior to 2020 Montecito's sales volume had never reached the billion dollar mark.
The high sale for 2021: $45,000,000
The high sale in 2018: $35,000,000
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How a property makes a buyer feel impacts the decision on whether to buy it and at what price.
What are the things a seller can do to positively impact the sale price?
Declutter
Deep Clean
Staging
Curb Appeal
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14 Ways to Get Instant Curb Appeal for Less Than $100
There are dozens of small, inexpensive home improvements that can boost your home's curb appeal. Adding a few upgrades to your house not only makes it easier to sell, but it also gives your house that nice, finished look that you can take pride in. Here are a few ideas to get you started.
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© Compass 2021 ¦ 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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