As projected in our March 2014 report, South Santa Barbara County* saw a dramatic rise in real estate sales in April. Sales of homes and condos rose nearly 38% over last month due to a surge of new listings in March and April. Although the total number of sales was down slightly year-over-year (3%), April sales were in line with the monthly average for 2013. Median sales price for South Santa Barbara County in April was also higher month/month and year/year. (Source: CORT)

According to the Santa Barbara Association of Realtors MLS (SBAOR), the number of new listings rose 10% in April (on top of a 20% rise in March), pushing overall inventory up nearly 10%. Approximately 25% of home sales and 10% of condo sales sold for prices above their asking price (approximately 4% above asking for homes, and 5% for condos).

Lower overall inventory is reflected in lower sales figures year-over-year. According to CORT, sales declined 3% in South Santa Barbara County* from the prior year. In Montecito, sales declined 9% from 2013.

The chart below reflects historic sales trends in South Santa Barbara county according to CORT. More market data is available here courtesy of Chicago Title Santa Barbara, including sales recaps for Santa Barbara, Montecito, Goleta, Carpinteria, and Summerland.

Inventory remains the key to rising prices and sales. We are encouraged by the recent increase in new listings — which, if continues, will help prices to moderate a bit. Meanwhile, sellers might find themselves in a favorable equity position due to the continued rise in prices. If you are considering whether or not to list your home for sale, please give us a call or shoot us an email as now could be a very good time !

* South Santa Barbara County includes: Santa Barbara (City and Unincorporated), Montecito, Goleta, Carpinteria, and Summerland