Santa Barbara Real Estate Market Activity – Third Quarter Market Report

Santa Barbara Real Estate Market

Third Quarter Market Report

(July/August/September)

 

World Economy

As you may be aware, the world’s economy is going through a new phase. Many European countries are baring negative rates and tensions between U.S. and China continuing to make headlines. In addition, today world has 11% less billionaires from 2017 and 2018 and with cease of corruption among some of the world’s richest, mainly in China, Malaysia and Russia, U.S has seen less foreign investments. Consequently, some of the U.S. international cities received less of foreign money into their high end markets.  However, the scenario is extremely different for our local market.

Santa Barbara Real Estate

The beauty of our market is that the majority of our transactions happens locally and we are not relying on Chinese or Russians. As a result, about 60% to 70% of our transactions comes from within Santa Barbara, Southern California and Northern California. Thus, this is an insurance for our market that no matter what goes on in China, Russia, India or Europe our real estate market will remain stable.

Santa Barbara Real Estate – 3rd Q vs 2nd Q

The third quarter of 2019 was slightly slower (16 transactions short) compared to the second quarter. However, Santa Barbara real estate market remains active, demanding and prosperous. In the second quarter of this year we brokered 543 transactions in South Santa Barbara county. On the other hand, in the third quarter 527 transaction conducted. Talking to our local lenders we hear that the number of pre-qualified clients are continuing to increase and the Fed is continuing to keep the rates as low as possible. Thus, we don’t expect the rates to increase anytime soon. Perhaps not for a very long time.

Santa Barbara Real Estate – 3rd Quarter Stats YTD

Our stats shows that in September of 2019 (YTD) we’ve had an 8% increase in number of total sales. Additionally, 6% increase in average sale prices ($1,535,618) and 3% increase in median prices ($1,004,500). Relatively, number of sales in July increased by 13% and August up by 9%. Inevitably, the beginning of Summer and middle are the busiest times in the home-buying market. Reversely, as we approach the end of the season the home-buying market slows down. Which opens the opportunity for very serious clients to purchase or sell their homes.

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For more information and questions specifically about your market where your home is located contact me to discuss.

New posts every Friday.

Sincerely,

Sina Omidi

 

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