Market Update for October 2020

Another month has flown by and October sales are way up from this same time last year. The median price of homes in our area continues to rise and is now up 17% from 2019. This has partly been fueled by the strong demand for higher-priced homes in Montecito and Hope Ranch, but even without the very high-end market sales, the median home price for the rest of the areas is up 12% from last year.

October pending home sales soared and were 25% above those of October 2019, so we should expect to see strong November sales as well, reflecting these numbers.

Here is a quick overview of the stats for October 2020 compared to the same time in 2019
Total properties sold in October 2020 were, 267 – 183 Homes & 84 Condos
Home sales are up +72% over October 2019 while Condos were also up +83%

Median Sales Price for a Home – $1,750,000 +37%
Median Sales Price for a Condo – $786,000 +18%
Months of Inventory – 2.54
25% of offers were “All Cash Sales”

This robust demand for homes in the Santa Barbara area means that we are very low on inventory. Despite the fact that we are heading into the holidays, it is still an excellent time to sell or buy a home.

As we head towards Thanksgiving I am truly grateful to all my clients, friends, and the local community who we have shared this year. We give thanks to all of you and for the many blessings, we have here in beautiful Santa Barbara.
Wishing you a wonderful Thanksgiving, full of heartfelt warmth and celebration of all the good we have in our lives. Stay safe and healthy!

Click this link here for the full report

We continue taking every precaution needed while serving clients because everyone’s health and safety are 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 November 24, 2020 at 11:11 am
Robert Watt | Category: Uncategorized

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