Sunday, July 15 , 2018, 4:24 pm | Fair 77º

 
 
 
 

Local News

Key Real Estate Indicators Point to a Recovery

South Coast sales prices continue to rise, to $1,770,230, while foreclosure rate drops to eight.

Since we all live in the Santa Barbara area, enjoying the wonderful weather, abundant activities, our friends and families, knowing that our homes have acted like an automatic savings account for us, our home values are important to us all.

I track statistics from the Santa Barbara Multiple Listing Service, and on the first day of each month I look at the numbers for the previous month’s activity. These are not official as the Santa Barbara Association of Realtors, or SBAOR, pulls its numbers on the 5th of each month. But I like to know ahead of time so I’ve been recording the activity for about a year and a half. I have found these numbers to be very helpful and thought you might also.

Our market is healthy in Santa Barbara. Although the sales volume was down slightly in May, to 96 sales, our average sales price has been rising steadily for the past three months, to $1,770,230 currently from the $1,672,131 average sales price in May 2007. Homes were on the market 19 days longer this May than a year earlier. Once again, we see that homes priced well are selling easily — some with multiple offers. Bill Watkins, executive director of the UCSB Economic Forecast Project, recently called these main economic indicators “boringly steady.”

The South Coast’s foreclosure rate is down from a high of 13 in November to eight last month, a number that is easily absorbed into our demand and not affecting prices locally. Hard-hit areas like Santa Maria and San Diego are reporting increases in their sales volumes for the past 45 days or so. Now that lenders are required by the government to work with borrowers who in 2005-06 took some of the worst loans ever written, loans adjusting in 2009 should not be a factor in the housing market.

Like everything else in life, real estate comes in cycles and all key indicators are showing signs that we are in recovery.

Elaine Abercrombie, a broker with Village Properties Realtors, is vice president of the Santa Barbara Association of Realtors She can be contacted at [email protected]

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 Stripe below, or click here for information on recurring credit-card payments and a mailing address for checks.

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
One click only, please!

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 >