As promised from last week’s article, the numbers are in to compare last year’s, in addition to previous year’s numbers to what is currently happening in the market. I have been babbling a lot about lack of inventory, pent-up buyer need, and increased sales. You might have thought I was blowing the proverbially smoke up your you know what, but the numbers don’t lie. There is definitely something happening in the market and it sounds and feels an awful lot like a rebound. The graphs show the most recent numbers, which echo what I have been saying for the past few months. Santa Barbara real estate is on the rise.
The median sales price in February of 2012 was $677,500 and the current median sales price for February 2013 is a staggering $935,000. Okay, maybe you are thinking there was a large sale last month that drastically changed these numbers… maybe, but let’s continue with more statistics.
The number of listings since the fi rst of the year 2012 through February 2012 vs. the first of the year through February 2013 are down drastically. In the district east of State Street, for example, in the year 2012 there were 181 new listings vs. 2013’s 140 new listings, which equates to a drop of 22%.
In the district west of State for the year 2012 there were 128 new listings vs. 2013’s 96 new listings, which equates to a drop of 25%. In the district of Hope Ranch for the year 2012 there were 28 new listings vs. 2013’s 34 new listings, which constitutes a rise of 21%. So if “Supply & Demand” are key factors in any sales market it looks as if there may be a supply decrease. I know, I know Hope Ranch shows differently, right… well take a look at the next slide.
Average sales prices are up also. For the district east of State, the current average sale price is $1,021,000, up 14% from the previous year. e district west of State has a current average sale price of $857,000, which is up 22% from the previous year. And finally Hope Ranch, where while listings were up, the current average sales price is $2,273,000, an increase of 25% from the previous year. Things are looking good (if you are a seller); if you are waiting because you think it is going to get worse out there before it gets better, I strongly recommend taking the opposite tack. From all indications, prices are on the rise and inventory is on the wane.