Santa Barbara Market Report September 2020

As our 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 long time. The median sales price is up 15% and the number of sales is up compared to the same time last year. Pending sales for September are also up 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 work space 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.

If you are thinking about selling or buying a home in the near future, please reach out to me. I am happy to help you navigate the intricacies of our fast moving market.

Posted on October 21, 2020 at 10:07 pm
Simone Shomaker | Category: Uncategorized

Santa Barbara Market Report August 2020

This past month 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 supply.

Many buyers are 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.

If you have any questions, or would like to schedule a consultation, please feel free to contact me!

Market report brought to you courtesy of Village Properties.

Market report brought to you courtesy of Simone Shomaker, Realtor. 

Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
https://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries. 
Copyright © 2020 Village Properties, All rights reserved.
Posted on September 25, 2020 at 10:35 pm
Simone Shomaker | Category: Uncategorized

Santa Barbara Market Report July 2020

Hi all! Simone Shomaker with Village Properties here. The numbers are in for July 2020. Keep scrolling for a snapshot of the market in the greater Santa Barbara Area. Market report brought to you courtesy of Village Properties. Write up by: Jackie Walters, Village Properties. License #00835438. If you have any questions please feel free to contact me!

MARKET SUMMARY YEAR-TO-DATE
The year began with strong sales activity fueled by a strong economy and ongoing low-interest rates. When the country, and our local community, began to grapple with the ramifications of dealing with the virus, sales activity went from bewilderment and paralysis in March and April to, astonishingly, a robust sellers’ market by May and June. Pending sales for homes and PUDs for the month of June 2020 were up three times the number for April 2020; 149 versus 50. By comparison, we saw 103 pending sales for the month of June 2019, showing a significant jump in demand year-over-year.

As you can see, the local real estate market is one sector of our local economy where a “V-shaped” recovery has taken hold. Since the Stay at Home Order was eased, we have seen a surge in out-of-town buyers coming to the Santa Barbara area seeking a smaller community environment for their families. There has been increased appeal for compound-type properties and “extended-family” floor plans. Privacy, space, and rural settings are also in high demand. Looking closely at the data, you will see how this roller-coaster of a market has now settled in at a somewhat astonishing pace. The chart gives a breakdown of activity per neighborhood as well as the year-to-date median price and months of inventory. The current low month of inventory numbers will almost certainly result in a higher median price as the year unfolds.

MEDIAN SALES PRICE
For houses and PUDs market-wide, all communities from Carpinteria to Goleta, the median sales price is flat from one year ago; $1,288,500 as of the end of June versus $1,290,00 one year ago. Look for that number to creep up as the year unfolds. The big winner in the median price category is Montecito. As of the end of June, Montecito’s median price was $3,250,000, up 14% from one year ago. What we are calling the “Montecito surge” is a result of a large number of higher-end Los Angeles and Bay Area buyers deciding to not delay their dream of a home here. There have been many cases of buyers coming to town, viewing a handful of homes, picking one and closing with cash in less than 30 days. Their strong preference is for turn-key homes, to allow for their move to happen sooner rather than later. The median price for the city of Santa Barbara, at $1,236,000, is actually down very slightly from one year ago, but we do expect that number to move upward as the months unfold. Going back many years, the Goleta market has been “the canary in the coal mine” for South Coast market trends. (That market was the first to signal distress and foreclosures coming out of the 2008 financial crisis.) The Goleta median price at the end of June at $1,055,000 is up 7% from a year ago, indicating market strength in a mostly entry-level housing community, which in turn, will impact the higher price ranges across the South Coast. The smaller communities of Carpinteria and Summerland show a decrease in their median price and higher-end Hope Ranch is showing a slight increase.

MONTHS OF INVENTORY
The months of inventory statistic provides an excellent snapshot of current buyer confidence and today’s pulse of the market. It compares the number of pending sales to the available inventory, whereas sold data will reflect market activity from up to two months previously. To define this statistic further, months of inventory represents the absorption of the available properties. A lower number shows properties are selling as fast or faster than new listings coming on the market. Looking at the chart, you will see today’s strong activity is clearly reflected. Again, across our market, the winner is Montecito, for the most dramatic change in that statistic, year-over-year. At the end of June this year, Montecito had only 3.1 months of inventory, as compared to 8.9 a year ago. I personally do not recall, going back many years, that low of a month of inventory number for Montecito. To illustrate further, at Montecito’s three months of inventory, there are approximately three sellers for every one buyer, (this, of course, will vary according to price range) — as compared to a year ago were on average, each seller was competing with eight other sellers for that one buyer. Months of inventory for Santa Barbara and Goleta are 1.5 and 1.0 respectively. This is a solid sellers’ market territory. Priced at market value, a seller can expect their home to sell within the first four to six weeks. Along with this swift market, a buyer will often be facing multiple offer situations, which is never a fun place to be. Consult your Realtor for strategies in having your offer stand out from the rest under those circumstances.

Current days on market, for the entire market is 65. This number varies greatly, depending, of course, on location and price range. For properties priced at under $1 million, days on market is well under one month. As far as list price to sales price percentage, again, heavily determined by location and price, this currently stands at 95%, this is the list price at the time of sale, after any price reductions.

CONDOS
The condo market, providing a starting point for many first time home buyers, is also showing solid strength. The median price is up 4.3% from one year ago. We are in uncertain times. Owning your own home, or buying an investment property, can be one of the safest long term investments and is most often the largest part of someone’s overall net worth. Take advantage of today’s historically low-interest rates and ask your Realtor to help you discover opportunities in the market for you. Most importantly, stay safe and healthy.

Market report brought to you courtesy of Simone Shomaker, Realtor. 

Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
https://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries.
Copyright © 2020 Village Properties, All rights reserved.
Posted on August 27, 2020 at 12:35 am
Simone Shomaker | Category: Uncategorized

How has COVID-19 impacted Santa Barbara real estate? 

How has COVID-19 impacted Santa Barbara real estate? 

Are you or someone you know interested in buying or selling a property? Curious about how things have changed in real estate during the COVID-19 global pandemic or if now is a good time? Read on for some helpful information.

 

Is it safe?

Like you, real estate agents have adapted with the pandemic to ensure everything is operating in a safe way. Real Estate was deemed an essential business several weeks into the pandemic. While essential, we are required to conduct the majority of our business virtually. Luckily many services in real estate can be handled this way: open houses, listing presentations, video tours, market reports, and advertising. Complying with phased reopening orders, our office opened on June 1st with many safeguards in place for client and agent protection.

If curious, the laws for each brokerage and associated agents to adopt:

  • Each brokerage to implement “Best Practices Guidelines and Prevention Plan (BPPP)”.
  • Any person wishing to visit a property for any reason must sign a “PEAD V” form. PEAD stands for Coronavirus Property Entry Advisory and Declaration. Seller/occupants of a property must sign “PEAD S” before anyone can tour their property. The PEAD form covers risks of exposure, the stay at home order, real estate as an essential service, representation and agreement, and assumption of risk.
  • Sellers must agree to have Posted Rules of Entry at property. Buyers, sellers, agents, contractors, inspectors and all other entrants to a property must wear a face covering and practice social distancing for showings. Upon entry, hands must be washed and disinfected before entry and no surfaces to be touched. The listing agent is required to provide hand sanitizer, wipes and masks, as well as to ensure property has been disinfected prior to showings. 
  • Showings are limited to one buying party per showing.  

These guidelines are in place to keep everyone safe when visiting a property. In addition to these regulations, there are other forms and policies in place. If you are an interested buyer, you should begin the prequalification process with your lender prior to scheduling showings – I can help. I am seeing that most sellers will not allow showings without proper proof of prequalification to verify proof of funds. Additionally, most properties are receiving multiple offers, many of which are selling very quickly. This is a time where if you want something, you should be prepared to make a quick move to write an offer. My successful clients typically have a turnaround time of a few days, or less. But don’t worry, regardless of if you a buyer or seller our market is dynamic.

Your market

Here are my quick highlights – for the full market report for June in Santa Barbara visit here (iOkncl. April, May, and June):

    1. June 2020 ytd: 725 Sales (-24% change from 2019), 531 single family residence (-16% change from 2019), and 194 condominium sales (-39% from 2019).
  • June’s market statistics demonstrate a drop in both sales and the number of homes listed for sale from the previous year.
  1. There is a silver lining… the average price of property has remained stable for 3 years despite the pandemic – good news for SELLERS. If you have a property you want to list, now is a good time. Inventory is low, and buyers are out there.
  1. BUYERS: Finance and lending experts expect low interest rates available for buyers to remain low for the foreseeable future. In April 2020, the 30-year fixed mortgage rate fell to a record low of 3.3% (according to NAR). Please contact a lender for further information regarding rates. If you need suggestions of reputable lenders, please email me. 
  2. Good news for buyers: with many sellers who had pulled their properties, there could be a bump in inventory coming soon as things continue to open up and people feel more comfortable. Want to see what is currently on the market or coming soon? Call for a free non-binding consultation.

I hope this article was helpful. If you are interested in receiving monthly market report updates please visit my website and use the contact me form to sign up, or send me an email to opt in! Lastly, please pass along to friends that may be interested in this information or service.

Brought to you courtesy of Simone Shomaker, Realtor. 

Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
https://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries. 
Copyright © 2020 Simone Shomaker, All rights reserved.
Posted on July 29, 2020 at 4:44 am
Simone Shomaker | Category: Uncategorized

Santa Barbara Market Report June 2020

The numbers are in for June 2020. Though these numbers show a decrease in sales from last year, sales have continued to increase month by month since the start of the pandemic, with June being the strongest month yet. Great news for sellers: Santa Barbara is experiencing an influx of buyers, both local and people relocating from large metropolitan areas. If you have been thinking of selling, now is a great time!

If you have any questions, or would like to schedule a consultation, please feel free to contact me!

Market report brought to you courtesy of Village Properties.

 

Market report brought to you courtesy of Simone Shomaker, Realtor. 

Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
https://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries. 
Copyright © 2020 Village Properties, All rights reserved.
Posted on July 28, 2020 at 10:47 pm
Simone Shomaker | Category: Market Reports

Santa Barbara Market Report May 2020

I hope this May market report finds you and your loved ones healthy and happy. Over the month of May, the market demonstrated a spike in activity. This spike is driven by properties that have been re-listed after they fell out of escrow, or were taken off the market at the start of the pandemic. Read on for details!

Market report brought to you courtesy of Village Properties.

If you have any questions please feel free to contact me!

Market report brought to you courtesy of Simone Shomaker, Realtor. 

Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
https://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries. 
Copyright © 2020 Village Properties, All rights reserved.
Posted on July 28, 2020 at 10:34 pm
Simone Shomaker | Category: Market Reports

Santa Barbara Market Report April 2020

April’s numbers reflect a sharp drop in sales and listings due to the COVID-19 pandemic. Despite this, there is a silver lining. The median value of real estate in our area has remained constant. There has also been a surge of buyers looking for property, so if you are considering selling, now is a great time to list your home. 

Keep scrolling for a snapshot of the market in the greater Santa Barbara Area. Market report brought to you courtesy of Village Properties.

If you have any questions please feel free to contact me!

Market report brought to you courtesy of Simone Shomaker, Realtor. 

Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
https://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries. ?
Copyright © 2020 Village Properties, All rights reserved.

 

Posted on July 28, 2020 at 10:18 pm
Simone Shomaker | Category: Market Reports

Santa Barbara Market Report March 2020

The numbers are in for March 2020. Keep scrolling for a snapshot of the market in the greater Santa Barbara Area. Market report brought to you courtesy of Village Properties. If you have any questions please feel free to contact me!

Market report brought to you courtesy of Simone Shomaker, Realtor.
Simone Shomaker
805.455.7992
simone@villagesite.com
LIC#02105209
http://sbrealestatebysimone.com/

All information provided is deemed reliable but has not been verified nor is it guaranteed. I recommend that buyers make their own inquiries.
Copyright © 2020 Village Properties, All rights reserved.
Posted on July 28, 2020 at 9:53 pm
Simone Shomaker | Category: Market Reports