Santa Barbara Home Inventory Is Scarce
Santa Barbara, California home prices have dramatically increased since 2012. While it was a buyers’ market during and after the recession, the area has now become a sellers’ paradise. The lack of sufficient home inventory to meet buyer demand has driven house prices even higher.
Supply and demand 101 states that when demand equals supply, prices tend to remain constant. However, when supply is greater than demand, prices drop. Since 2012, the reverse has been true.
When demand exceeds supply, prices rise, as there are more buyers than sellers. This is the current condition in Santa Barbara. Multiple buyers often want the same home, driving the price up. When this happens, sellers prosper, while buyers pay more for the homes they want.
Median and average home prices have continued increasing in Santa Barbara since 2012 as the California housing market improves, but sellers have not listed sufficient inventory to satisfy buyer demand. This situation is not restricted to Santa Barbara, but is common throughout the US.
If you’re thinking of selling your home in the Santa Barbara area, contact Karen Spechler, your local real estate expert. Karen will give you the advice and effort you need to sell your home successfully.