July 2019 Market Update
Because more homes sell in the summer than any other time of year, the market can artificially feel like it’s “booming”. We are putting properties in escrow every week, and negotiate great deals for our clients. That said, it’s important to look deeper than the feeling of “activity” and gauge the true health and direction of the market.
When you look at the numbers, they tell a different story. They confirm Santa Barbara’s market has officially steadied. In fact, compared to June 2018, it would be hard to tell the difference between the markets from a numbers perspective. Inventory levels have risen slightly, but the number of sales hasn’t kept pace. The median home price remains virtually unchanged. That said, the big difference is that the average agent takes 80% more time to sell their listing in today’s market. Now, that’s not true for Zia Group. We are still selling our listings in about 40% of the time of the average agent. In fact, just last week, one of our Montecito listings had 5 offers and went into escrow the first week for well over the asking price!
So where does this leave you? Every market, even a flat market, has unique opportunities to pursue. For buyers–the shifting market is giving you more leverage in negotiation and our clients have been thrilled with the amazing deals we have been able to negotiate for their dream homes. And for sellers–our shifting market requires a creation of urgency. Give us a call today to learn why we are so successful at creating this urgency and generating multiple offers for our listings.
South Santa Barbara County Single Family Homes for July 2019
Including annual change | See definition of terms