FEBRUARY 2021 | SANTA BARBARA REAL ESTATE UPDATE
Lack of homes!
We all have a general understanding that our “free market” runs on a number of principles, one major one being that of supply and demand.
This has never been so highlighted to us in our real estate market as it has been these last nine months.
Our real estate market is continuing on the same current trend.
Prices are rising and for six consecutive months, our sales volume each month has been at a record volume. Reviewing our data back to the beginning of 2013, each of the last six months have recorded the highest sales volume for that month.
Notably, January had one change. With 158 sales, our sales volume was 22% higher than 2019, pretty impressive. Comparing that to the previous month of December 2020, we did have 73 fewer sales, a noticeable decrease.
Historically, December sales are higher as people try to make changes before year end and January sales are lower as less people are shopping and enjoying the holidays.
But the change between the two months is higher than normal.
We expected to see more sales, especially with the incredible amount of showing activity happening.
So why the decrease? It is pretty simple; we just don’t have enough homes to sell.
Buyers are having to compete against so many other buyers. And as this occurs, prices just continue to push up.
If you are considering selling, now might be a great time!
THE HIGH & LOW
January 2021 Highest Sale | 4305 Marina Dr, Hope Ranch | Sold for $25,373,227
January 201 Lowest Home Sale | 665 San Ricardo Dr, Santa Barbara | Sold for $840,000