October is historically the last push for real estate before the holiday season and typically it is the time we start to see a slowdown in new listings, properties going into escrow, and properties closing. Well this October proved to be better than the previous years with an overall positive outlook.
For Santa Barbara, the number of new listings was for the most part down except for a slight 2% increase in the “West of State Street” district. The number of properties that went under contract across the board saw a large increase from the previous year by as much as 39% in the “West of State Street” district. Th e number of closed sales in all districts also showed a more than healthy increase, with the “East of State Street” district showing a 33% increase from the previous year.
The key to a great real estate market has always been “supply and demand.” When you have a decrease in listings, a demand for property with more escrows opening, and a common increase in closed properties it means supply is low and demand is high. Should be an interesting season to watch!
Take a look at these exciting new listings in Santa Barbara and if you see anything you like, please give us a call.