Santa Barbara Real Estate Market Activity July 2010

Santa Barbara Real Estate Market Activity July 2010

Where is the real estate market in Santa Barbara, CA headed?  That seems to be a question on many peoples minds lately. It is a good question if you are considering buying or selling property right now.  Since the start of 2010 sales activity has been up over the 2009 numbers but the median sales price has been pretty flat and even drifting slightly lower.  The numbers show that our median sales price for all homes and condos sold in Santa Barbara during the month of July 2010 is right about where it was in 2003.  Currently the median sales price of a home in Santa Barbara is $882,000. 

It looks like the expiration of the government tax incentives has cooled the market off in the below $800,000 price range with condos suffering the most last month.  June 2010 saw 33 condo closings with July numbers dropping to 22 for the month.  Inventories are slightly up. 

A bright spot in the Santa Barbara real estate market for July was the sale of homes between 1 and 2 million dollars.  June 2010 saw 16 sales and July came in at 25.  Sales over 2 million however, were down from 16 in June to 12 in July. 

So what do you see if you step back and blur your eyes?  I would say the Santa Barbara real estate market is chugging along pretty steady.  There were 84 sales which shows good activity but with increasing inventory flat prices and an uncertain economy, I don't expect to see prices increase in the near future.

There is a bright side for anyone in the market to buy Santa Barbara real estate.  Interest rates are incredibly low, below 5% low, prices are at 2003 levels and there is plenty of inventory to choose from.  Not only can you buy a home in Santa Barbara at a good price, in most cases 30% below peak prices, the financing is incredible, making it more affordable to own than it has been in a long time.

If I can be of assistance in your Santa Barbara real estate search, contact me at (805) 757-1867

Visit my web site to search all properties for sale in Santa Barbara at www.richbosselmann.com