Statistical Analysis of South Santa Barbara County Real Estate Market Data 5/27/16

By: Scott Westlotorn

The National Association of Realtors (NAR) reported last week pending home sales rose to the highest monthly reading in ten years. Nationally, sales rose 2.9%, rising in all regions except the Midwest where they fell 0.6%. Here in California the lack of homes for sale continues to fall down 5.4% since April 2015.

While it’s hard to quantify the number of buyers, the anecdotal evidence is open houses are active and there appears to be more buyers than sellers. On the downside, tight inventories and rising prices have squeezed out buyers in some markets. However, there were more properties going into escrow than anticipated as reported by NAR chief economist, Lawrence Yun.

Our take is the looming Fed rate hikes are influencing buyers to buy and the rise in home prices are encouraging sellers to sell. We expect to see more homes coming on the market through the summer months as higher prices attract more sellers.

In Santa Barbara last year there were 903 active listings for sale in April, this year there are 724, down 19%. New listings were up fractionally in April (.66%) and the Median price of those new listings was up 7.16% year over year. In April, 45 homes sold below $1,000,000 and 58 sold above pushing the Median price of homes up to $1,250,000 from $1,050,750 last year.

As we go about our Memorial Day weekend this year please pause and reflect upon the blessings we have as citizens of the United States and reflect upon the sacrifices of those who gave their lives for our freedom to pursue our God given rights. May their remembrance last as long as the country they have honored.