With more than 1,300 residential home sales as of year-end 2011, our sales volume for the year looks more like 2007 — the year that marked a cycle change, and not just a seasonal slowdown.
December results for residential home sales in the Santa Barbara MLS show more than four homes a day with a four-month supply of homes available. Even with only a 129-day supply of homes available, sellers are still negotiating with buyers to complete the transactions on details that benefit buyers.
This perfect storm soon may be coming to an end.
Today our area has eight condos available between $180,000 and $300,000 and 23 homes available between $300,000 and $500,000. With home ownership costing, in some cases, less than rent, it doesn’t take much to see that this is a prime time to buy. Since rates are so low, less than 4 percent for a fixed 30-year loan, when you know someone who plans to live in the area for the next five years they need to know this information.
Our area can be one of the areas in our nation that have a strong owner occupancy ratio of the homes available.
Today’s market is the best market for buyers I have seen in 30 years.
— Elaine Abercrombie, a broker with Abercrombie Fine Homes, is past president of the Santa Barbara Association of Realtors. She can be contacted at elaine@afhomes.net or at 805.450.0086.