Santa Barbara Market Trends for Winter 2013

There is good news about the housing market in Santa Barbara as 2012 delivered on postitive economic forecasts. The average sold price was $1,200,000 dollars, up slightly from a year earlier.The average time a house stays on the market is about three to four months, which is much better when compared to the rest of the country. Homes lasting less than 60 days or less on the market were up 40% in 2012, and you can expect that trend to continue throughout 2013.

However it is still a buyers market with a steady stream of homes with some good prices out there. If you are looking to list or buy a home, expect the price of a home to sell for 85%-90% of the asking price. Nonetheless, homes are selling at much faster rate, with fewer and fewer foreclosures and distressed sales hitting the market.

Certain areas that have been doing particulary well in regards tothe housing market are Montecito, Riviera, Hope Ranch, and any ocean view or beachfront home. Inventories continue to shrink in the luxury market, with many agents being optimistic for Spring 2013. As a matter of fact, many agents are citing that multiple offers are becoming increasingly common for houses priced under $500,000.