March real-estate sales figures look stronger throughout every district in our area.
From February to March, sales rose 41 percent, and every area from Carpinteria to Goleta saw an increase in closed sales.
Most areas saw supply fall with an increased sales volume. February showed a seven-month supply of homes, while March shows not quite a five-month supply. This means there is one buyer to every five sellers in the area.
Failed listing numbers are down over last month, proving that those sellers with the right price on their properties get offers and close on the sale more often than those just “testing the market.” This market is not kind to those who wish to “test”; this actually costs sellers more money in the long run.
When you find yourself in a position of a seller, this is a great market to take advantage of those willing-and-able buyers as well as to make a good purchase for your current needs.
Buyers find low interest rates still an advantage even though inventory is dwindling because of sales velocity. There are seven new homes a day coming on the market in the Santa Barbara area, and last month there were six a day.
Remember: It’s better to be five minutes too early in real estate rather than one minute too late when looking for your best deal. Our market is strong, and March shows it’s becoming stronger.
— Elaine Abercrombie, a broker with Abercrombie Fine Homes at Village Properties, is president of the Santa Barbara Association of Realtors. She can be contacted at elaine@elaineabercrombie.com.