Thursday, July 19 , 2018, 3:44 am | Fair 63º


Elaine Abercrombie: Home Sale Prices On the Rise

Local market is holding steady, with four residences sold a day from Carpinteria to Goleta

Elaine Abercrombie
Elaine Abercrombie (Roe Anne White photo)

From month to month, I report to you the local market statistics on residential housing. Usually, the numbers are fairly boring and about the same each month. Having that kind of stability in a market is the good news.

We have a steady market again this month, selling four homes a day from Carpinteria to Goleta with a 180-day supply available to buyers.

With a ratio of one buyer to six sellers, that puts in a balanced market with a bit of an advantage for buyers today.

The real news is in the sale prices. Looking at figures year to date for 2009 compared with 2010, the overall residential sales this year are more than last year by 26 sales, even though it didn’t feel like it if you talk to most professionals.

The average residential sale price for 2010 is up about 8 percent over 2009, according to the local Santa Barbara Multiple Listing statistics.

Next year, according to the National Association of Realtors’ chief economist, now is the best time to buy — especially in our area, since he expects rates rising over this next year.

Knowing that when interest rates rise 1 percent the payment will increase by about 13 percent may just give you the information you are looking for.

Knowing what you know now may move you forward with plans to put down roots in the Santa Barbara area now rather than waiting for higher rates and more increases in price.

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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