The following information is the Real Estate Activity for the calendar year 2009 as reported by the Santa Barbara Association of Realtors' Multiple Listing Service for Santa Barbara, Goleta, Summerland, Carpinteria and Montecito:
Houses/PUDs
Closed Escrows: 835
Median Sales Price $849,700
Sales Pending 67
Active Listings 574
Month's/Inventory 8.6
Condos
Closed Escrows: 319
Median Sales Price: $465,000
Sales Pending: 87
Active Listings: 724
Months/Inventory: 8.3
December saw quite a spike in home, puds & condos closed. In fact the last four months of 2009 the solds were higher than the 5 year average. However, sale Pendings which had continued up over the 2009 and 5 year average from April 09 on, dipped to below the 2009 and 5 year average in December 09. This could be that the lower end of the market had been pretty much bought up, and the 'first time buyer credit had not yet been renewed or expanded.
We continue to see multiple offers on Reos as many are using 'under pricing' as a marketing method. Reos have slowed down considerably in the under $1million market. We have begun to see a few Short Sales and Reos and distress sales in the luxury market, which has slowed down considerably. Currently this is where there are some amazing bargains! Buyers in the luxury market who have the $$ are definitely looking for the good property at bargain prices.
Buyers in all price ranges are cautious and make it their business to become well educated about the inventory and the properties that are well priced and good value. Even in the non-distress under $1mill market we are seeing multiple offers on properties which are really well priced and in beautiful condition. Fixers are NOT selling, even when aggressively priced. Fixers have to be ultra bargains to sell.
There are still many properties listed which are OVERPRICED and/or show poorly. They just won't attract buyers and the smart agents are becoming reluctant to list these properties. They take a great deal of time, energy and money to market....often for months and months with no hope of selling.
Credit is still very tight and in some cases unreasonable, especially for buyers who are self-employed. However the tax credit has been extended and expanded to include more buyers. To paraphrase one of my associates on the MLS Economic Forecast Committee, 'We look forward to a strong year in real estate activity...activity solidified values...and 2009 has certainly done that for the greater Santa Barbara Area real estate market!
