Market Update for May 2020

As we begin the Summer of 2020, like so many other businesses in our community, the Real Estate mar­ket continues to evolve daily.

We are excited to announce that on Monday, June 1st, Village Properties officially re-opened our offices, with all the California government, OSHA, and County safety requirements in place.
It is nice to be open, even if it is only to perform essential activities that cannot be performed digitally or virtually.

In the past few weeks, our market has become very active. Some of this is due to listings and sales that were either withdrawn from the market or fell out of escrow due to COVID 19, and have now been re-listed. The activity is a good sign, especially for our buyers and sellers who need to buy and sell. It is reported that many of the buyers are from out of town, coming to our communities from more densely populated areas.

We are most appreciative of your support throughout these challenging past months, and wish you good health and a fun Summer ahead!

The Santa Barbara real estate market continues to see low inventory levels while the demand is high once again now that life is returning to somewhat normal since businesses are opening back up.
Then again who wouldn’t want to call this place home?

Here are some of the highlights from May 2020;

Total properties sold 85 – 65 homes & 20 Condos -56%
Median Sales Price for a Home – $1,169,000 -9%
Median Sales Price for a Condo – $810,000 +17%
Months of Inventory – 4.29
27% were Cash Sales

For a complete look at the real estate market report for May 2020 click the link below

May 2020 Real Estate Report

Information provided is deemed reliable but has not been verified and we do not guarantee it. We recommend that buyers make their own inquiries.
Data provided by CORT and or Fidelity Title.

Posted on June 18, 2020 at 5:09 pm
Robert Watt | Category: Uncategorized

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