Here we are, mid-October, and quickly headed toward the Holidays already!
I certainly could not have predicted the tremendous surge in home sales and median prices that we are currently experiencing. As this month’s Market Report shows the upward trend began in June and has climbed steadily with September showing by far the highest number of sales and prices in a very long time. The median sales price for September is up 41% over last year at the same time and the number of sales is also up compared to September 2019. Pending sales for September have increased 50% indicating that October will be another strong month with no sign of any imminent slowdown in the market.
The demand for Santa Barbara and Santa Ynez homes continues to climb. Buyers are making decisions to purchase a new home based on the fact that they are spending more time at home, and need more workspace and amenities. Many businesses are making the decision not to reopen their offices, requiring employees to continue to work from home indefinitely. This means that homeowners can now live wherever they want because they no longer need to live near their place of work.
Santa Barbara and Santa Ynez are certainly very appealing locations and we are seeing many people relocate to the safety and lifestyle offered here.
This should continue to drive the demand in our local market.
Here is a quick overview of the stats for September 2020 compared to the same time in 2019
Total properties sold 272 – 201 Homes & 71 Condos
Home sales are up +74% over September 2019 while Condos were also up +42%
Median Sales Price for a Home – $1,725,000 +41%
Median Sales Price for a Condo – $802,500 +16%
Months of Inventory – 3.45
28% of offers were “All Cash Sales”
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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.