Market Update for August 2020

Last month we reported that the number of sales and prices in our area were extremely strong, reaching the highest numbers for many years. The month of August continued this upward trend fueled by the high-end market, where the number of sales has almost doubled. The forecast is for another very strong month for September.

The more than usual number of sales in Montecito is driving up the median price, and the overall increase in sales throughout Santa Barbara County is creating a very active market with limited inventory and homes to choose from.

I’m often asked, where the buyers are coming from?
Many buyers are local or coming from out of town, (Los Angeles, San Francisco area, and out of state areas such as New York, Chicago, Washington State, and Texas) mainly fueled by people trying to get out of the big cities.

Here is a quick overview of the stats for August 2020 compared to the same time in 2019
Total properties sold 229 – 159 Homes & 70 Condos
Home sales are up +22% over August 2019 while Condos were also up +52%

Median Sales Price for a Home – $1,625,000 +26%
Median Sales Price for a Condo – $672,000 -.4%
Months of Inventory – 3.62
30% of offers were “All Cash Sales”

Click this link here for the full report

We continue taking every precaution needed while showing properties because everyone’s safety is important to us.
The numbers included in this report are courtesy of Fidelity National Title.
All information provided is deemed reliable but has not been verified and we do not guarantee it.
We recommend that viewers make their own inquiries.

 

Posted on September 25, 2020 at 10:33 am
Robert Watt | Category: Uncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *