Santa Barbara, Goleta, Carpinteria, Montecito, Hope Ranch, Summerland
Real Estate 2022
So where are we headed?
If inventory is a clue, we will continue to have fewer sales but at higher prices. With rising interest rates, rising prices, and limited inventory, a lot of would-be buyers are experiencing the difficulty of finding a home.
If you are thinking of selling, it's a great time to sell. Most properties are selling with multiple offers quickly. If you sell, do you have a plan for what's next?
Available single family residential weekly inventory is averaging 100 +/- properties a week this year. That's a quarter of what we need.
This includes homes, condos, & manufactured homes.
Inventory used to average 400 +/- single family units weekly.
Available residential inventory in February was an imbalanced 0.78 month supply. A balanced buyer/seller market has six months of supply; we have three week's supply.
If you are in the market to buy, you need to be ready, deliberate, decisive, and attentive.
Median Price: $1,797,500 (+14%)
23 Sales were off-market
Total sales year to date are down 20%
from 294 homes in 2021
*The February Median Sales Price is up 61%