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 Some of this is due to listings and sales that were either withdrawn from the market or fell out of escrow due to COVID 19, and have now been re-listed.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
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.
Market Update for April 2020
The effects of the COVID-19 Pandemic are obvious and has changed everyone’s lives in many ways, the real estate market was no different.
Like many businesses, we have pivoted in providing our services virtually and digitally. For the first two weeks we waited for the Governor to confirm that Real Estate was indeed an essential service and that, following strict safety guidelines, we could continue to show properties to buyers. April’s market statistics clearly reflect a drop in sales for the first couple of weeks when everything came to a sudden halt. April also saw a decline in the number of homes listed for sale.
Here are some of the highlights from April 2020;
Total properties sold 94 – 69 homes & 25 Condos -44%
Median Sales Price for a Home – $1,200,000 -10%
Median Sales Price for a Condo – $791,000 +12%
Months of Inventory – 3.81
16% were Cash Sales
Despite all we are going through, we have some good real estate news. The median house price in our area has not dropped, and in fact, has stayed steady over the past 3 years.
There are many buyers still seeking to buy a home.
In some cases, we continue seeing multiple offers come in on many listings due to the fact that there is still a shortage of inventory. Right now we definitely have well-qualified buyers who want to buy homes.
We have quickly adapted to the changes in our industry and continue to go above and beyond to safely serve clients with excellence, not only in real estate but also by helping them in a myriad of practical ways as we face these new times together.
For a complete look at the real estate market report for April 2020 click the link below
Market Update for March 2020 and 1st Quarter YTD
We hope this information finds you safe, healthy and taking care of yourself and loved ones during this unprecedented time.
Our normal business activities have drastically changed with the banning of open houses, property caravans, price sets, and in-person meetings. We have all the technology in place needed in order to move toward virtual tours, marketing, and using social media to stay connected. Our affiliations with Leading Real Estate Companies of the World, Luxury Portfolio and Mayfair International have given us even more tools and a broad reach to accomplish what we need to serve our clients.
We are pleased that Real Estate has been identified as an essential service by Homeland Security. This gives us an opportunity to serve buyers and sellers who have the need to buy and sell during this time. We are sensitive to our client’s needs, emotions, and are listening to what feels comfortable to them. We continue to conduct our business virtually, but on those occasions where this is impossible, we are using all safety precautions including social distancing and careful sanitizing.
Our Community is very much on our minds and we continue to do what we can to support it.
Now for this month’s Market Report, the numbers tell the true story.
- 128 total properties sold in March, 91 homes & 37 Condos
- The median sales price for a home was $1,330,000
- The median sales price for condo’s $652,000
- 3.22 Months of Inventory
Interestingly enough, the same number of properties were sold in February also. I feel the stats for April will be more reflective of how the market may be affected by this pandemic.
Until next time…
Robert Watt’s Weekend Off
- Catch up on some reading
- Watch some movies
- Practiced a musical instrument
- One thing for sure I limiting the NEWS and Social Media
Market Update for February 2020
This month’s Market Update Report shows the market conditions are business as usual despite the latest news around Coronavirus.
- 128 total properties sold in February, 92 homes & 36 Condos
- Median sales price for a home was $1,189,500
- Median sales price for condo’s $682,500
- 3.58 Months of Inventory
Remember these are February results. Now that we are halfway through March, it will be interesting to see how this month turns out with the latest concerns around the COVID-19 (Coronavirus).
We at Village Properties are as concerned, as many are, about staying healthy during these challenging and uncertain times.
Along with the Market Report Link, here are links to the CDC’s recommendations for your reference, the Santa Barbara County Public Health Department, and the California Department of Public Health regarding the virus and what to be aware of.
We are taking the advice of the CDC and being extra cautious when conducting Real Estate business in our beautiful community.
We’ll be here for your real estate needs and grateful for your support.
Stay healthy!
Market Update for January 2020
At the time of posting this Market Report, we are well into February of 2020.
As the market report indicates, the Real Estate news is still very positive and the new year is off to a good start.
The early trends we are seeing for home sales in 2020 are indicative of a very healthy market from Goleta, Santa Barbara, Montecito, Summerland, and Carpinteria.
Traditionally, early summer has been the strongest selling season and sellers have typically waited to list their homes in spring.
This year, however, the statistics are telling sellers something else.
During the months of December, 2019 and January, 2020 the number of sales were high, but the median price was slightly down from January of the previous year.
With a strong economy, low-interest rates, and tight inventory, this makes for an interesting market.
The total number of properties sold in January was 129, 96 of those being homes and 33 condo sales.
Inventory levels are the challenge and continues to show increased demand for housing with more home buyers than properties available to purchase in most price ranges.
For a look at the full report click the link below.
Buying a Home part 1
When it comes time to buy a home, where should someone begin?
It doesn’t matter if you’re a first-time homebuyer or have already been through the process of buying a home, I wanted to provide some information and insight on what to think about and how to get started.
I always recommend the first thing someone does is to meet with a mortgage lender. This can be at your bank or a business that specializes in home loans.
I had an opportunity to meet up with a mortgage lender, Austin Lampson at Homeowners Financial Group, to discuss what to expect in the beginning stages, the difference between “Pre-Approval” and “Pre-Qualification”
Here is a link to a guide with more information that outlines everything and I hope you’ll find helpful.
In my next vlog, part two of this, we’ll go into more depth and get into the details of what to expect along the way when it comes to looking for a new home.
I would love the opportunity to answer any questions or provide additional information, so please let me know what I can do for you.
What is an iBuyer Part 2
This is a follow-up video to one I did last month titled What is an iBuyer?
What is an iBuyer Part 1
So, Who are they? iBuyer’s that is
Well…they’re Internet companies like Opendoor, Offerpad and even Zillow Offers to name a few. There are many more out there offering similar services. They make offers to purchase homes quickly if the home is “Eligible” or “Qualifies” They are typically looking for ready to sell properties (They don’t have the resources to do major repairs or want to take the time to remodel) They offer Instant Cash, Fast closing time, although it still may take 2-3 weeks to complete the process after a seller accepts their offer. Service in Limited market areas with a price point up to about $500k, at the time of this video. Anything above that likely won’t be considered. They still charge a fee and may also deduct any repair cost.
They claim to buy at fair market value, well how is that possible when they will be reselling the property? Who are you actually working with? Will it be the same person each time? What if you have questions or want to go over something in person?
What is the cost of convenience? Is it worth the difference?
It really posses a lot of questions still to be answered.
Here is a link that shows a fee comparison and what a seller can expect to receive.
iBuyer Fee Copmarison
It is very interesting.
I encourage anyone looking to buy or sell a property to do some more research, ask the necessary questions and compare the services that are being provided for the desired results.
Let me know if you have any questions or would like further information.
2019 Year End Real Estate Market Update
Happy New Year!
It’s a new year and a new decade ahead and the results from last year’s real estate market report are in, the new report shows how well the market is doing.
Here is a link to the full report:
December 2019 Year-End Report
176 total properties sold during the month of December, 124 homes and 52 condos with an average 78 days on market.
The median price is up 5% for homes, going from $1,200,000 to $1,258,000 and up 3% for condos, from $680,000 to $702,250.
The market is strong, from Goleta to Carpinteria, Montecito, and Santa Barbara.are
What does your next home look like?
