Third Quarter Local Market Report
At the conclusion of the third quarter, the economy remains stable and the U.S. saw real GDP growth of 3%, similar to the 3.1% growth the previous quarter. In the Santa Barbara real estate market, the total volume of sales for single family homes increased by 8.5% from the third quarter of 2016. The number of sales has remained steady with a slight growth of 1.35%. Houses are staying on the market longer by only 8.33% (approximately 4 additional days) with median prices increasing by 12.25%.
What that means for you: The market is moving at a strong and steady pace with healthy numbers. Interest rates have remained historically low and real estate continues to make a great long-term investment. If you’re looking to buy real estate, local trends show that inventory slows down during the fourth quarter, but the properties that remain on the market tend to have serious sellers. At the same time, if you are looking to sell real estate during the fourth quarter, the number of active listings tend to lessen around this time of year, making your property stand out more in the growing market and the buyers willing to look tend to be serious buyers. The bottom line: Don’t worry too much about trying to time a purchase or a sale. The market is always active. Our feeling is that buyers should only buy when a property is truly the right fit, and that sellers should sell when they are ready to sell. While typically there is less activity in the 4th quarter, those that are doing business are ready to do business. The figures can be sliced and diced to tell any story you’d like, and your set of needs is going to be unique to you, which is another reason why it’s worth reaching out and speaking with a real estate professional about your particular situation. We at EK&A would be happy to help!
We wish you a successful 4th quarter and will be posting updated figures at the end of 2017.