May 2019 Market Update
Many joke Santa Barbara lives in its own bubble, and there really is no other place like it. As the national news talks about a balancing or shifting real estate market, it is hard to imagine that as we go about our daily lives here in paradise. Shielded by the mountains, ocean and islands, it is easy to believe we remain unaffected by “trade wars” or economic mishaps in other parts of the nation. The reality is that while the median home price is “up” this month, the reality of our adjusting market is that we are currently seeing as many homes sell for lower prices as higher prices as compared to a year ago.
What goes up will eventually have to come down and we’re continuing to see the early indicators of a balancing market. Average days on market has increased drastically with homes now taking 32% longer to sell! For the first time this year, our months of inventory has pushed over 5 months, which while still a “healthy” paced market nationally, is slower than what we have seen the past years.
The great news is that Zia Group’s marketing strategies continue to prove effect selling homes 37 days faster than the market average. Want to learn how we are helping our clients beat the balancing market and still secure a top dollar price? Schedule a strategic marketing session with our agents today!
South Santa Barbara County Single Family Homes for May 2019
Including annual change | See definition of terms