Thursday, August 16 , 2018, 8:03 am | A Few Clouds 64º


Elaine Abercrombie: Market Velocity Is Steady

Sales are strong from Carpinteria to Goleta, and interest rates are staying low

Moving into November, there is a lot for us to be thankful for.

Elaine Abercrombie
Elaine Abercrombie (Roe Anne White photo)

This is the fourth straight month we are selling four homes a day from Carpinteria to Goleta, which is giving us a very steady market velocity.

October reports the most sales in Santa Barbara west — the area from State Street to the ocean up to Highway 154 — with 254 sales leading our area with the lowest inventory for our MLS at only a 120-day supply of homes.

The best values were found in Hope Ranch with an average sale price of $10,235,000, which was 66 percent to 79 percent of list price for the two sales that closed in October.

If that is a bit rich for your blood — it is mine — the best price tags are found in Goleta South with an average sold price of $549,000.

Even better than our market velocity is the news that historic low interest rates are still available for sales less than $729,750. In October, we saw them dip even lower to 4 percent, and they hovered at less than 4.5 percent for most of the month.

In case you don’t find this information enough to be thankful for, just look outside at the weather and remember what the rest of the country had to deal with. That should help you put more gratitude back in your heart.

Elaine Abercrombie, a broker with Abercrombie Fine Homes, is president of the Santa Barbara Association of Realtors. She can be contacted at .(JavaScript must be enabled to view this email address).

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