Friday, June 22 , 2018, 7:23 am | Overcast 59º

 
 
 

Ed Fuller: Seasonal Slowdown in Progress for Home Sales

Most economic statistics are adjusted for seasonal variances. However, statistics at local levels are generally not refigured to account for annually repeated phenomena.

Ed Fuller
Ed Fuller

At the national level, every year as the school year begins, home sales invariably decline in September from August. In the past 15 years, the average decline has been 16.4 percent per the National Association of Realtors economist Lawrence Yun, Ph.D.

Seemingly on que, pending single-family homes (homes reported under contract) in the Santa Barbara metro area for September dropped from 104 in August to 87 in September, or 16.3 percent. If those figures were adjusted for seasonal variation, we would be looking at an unchanged number between August and September.

Sold single-family homes rebounded from August's 88 to a more normal 101. This appears to be a return of lower price range buyers as the median price dropped from $1,472,500 in August to $1.2 million in September.

The median price for pending single-family homes in September increased to $1,195,000 from August’s $1,105,000.

While inventory has increased to 355 single family homes for sale, it would only take 3½ months to deplete it at current rates with no new homes coming on market. The median list price dropping to $1,995,000 from $2,250,000 is an indication of the increasing offerings in the lower price ranges.

More choices are good for buyers! The number of single-family homes for sale in the Santa Barbara metro area at the end of September under $700,000 were 23. At the other end of the range, there were 71 homes listed for over $5 million, with the highest listing for $125 million in Montecito.

Ed Fuller is a real estate broker with San Roque Realty Inc. and president of the Santa Barbara Association of Realtors. Contact him at [email protected] or 805.687.1551. The opinions expressed are his own.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Enter your email
Select your membership level
×

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >