Santa Barbara Foothills looking south.
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We broke through 100 sales per month, finally.
After seven consecutive months of fewer than 100 sales, May and June each broke through the 100 threshold, but not by much. June sales were a little higher than May, but both months were well below their historical averages.
May Sales: 104
For the first six months of 2023 we experienced
556 total sales.
How's that compare to "normal?"
In 2019 there were 954 sales in the first six months of the year. We are 42% down from "normal."
Inventory has been slowly increasing week over week. On Tuesday, July 11 we hit 198 "homes" for sale - that's the highest weekly inventory YTD. That number includes all single family homes, condos, PUDs, and manufactured homes from Carpinteria to Goleta.
June's inventory finished at 2.06 months of supply, also the highest of the year.
*Sidenote I just took an immediate look, and inventory is up to 220 homes for sale - that's interesting. There are only eight single family homes for sale priced under $1,500,000.
Interest rates have hovered at or above 7% since late May.
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Total Sales: 104 -26%
Median Sales Price House: $2,435050 +9%
Median Sales Price Condo: $950,000 -14%
Average Sold to List Price Ratio: 99%
Inventory Supply: 1.8 months
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Total Sales: 116 -17%
Median Sales Price House: $2,372500 +4%
Median Sales Price Condo: $920,000 -13%
Median Days On Market: 23
Average Sold to List Price Ratio: 100%
Inventory Supply: 2.1 months
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We aren't going to experience a flood of newly built housing, so unless the buyer pool suddenly dries up, it seems like prices are going to continue to trickle up until the FED breaks something meaningful.
I don't see a significant change to the housing market in the short-term.
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5661 Berkeley Rd, Goleta
Beautifully refinished 1960's ranch home.
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SOLD OFF-MARKET: $
1,960,000
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Four showings, three offers, and excitedly, my clients were the chosen Buyer!
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5341 Traci Drive, Santa Barbara, 93111
2 Beds | 1.5 Baths | 1283 SF | $1,050,000
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2 Bed | 1.5 Bath
$1,050,000
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1015 Calle Malaga, Santa Barbara, 93109
3 Beds | 2 Baths | 1699 SF | $2,895,000
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3 Bed | 2 Bath
$2,895,000
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Thinking of selling but want to make some upgrades first, consider having COMPASS Concierge pay for the upgrades.
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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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© 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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