Santa Barbara South Coast Third Quarter Update 2018
Happy Fall! Many of you know I take the photos behind the newsletters. The one this quarter is of me at the top of Forester Pass this summer at 13,200 feet. Five of us completed the southern half of the John Muir Trail (Eastern Sierras) in August which turned out to be 126 miles up and over 7 named passes and 5 unnamed ones. It was by far the hardest thing I have ever done physically but one of the best! I can’t wait to do the other half next year. I am telling you about this because every single day I am reminded that we have such a short spin on this little blue ball and if we put bucket list items on hold for “someday” that someday might not come. That saying about the blue ball came from a dear friend who passed away too young 2 years ago from breast cancer. She would have been on this hike!
As for the market, it’s good to be back at it and things have definitely changed. We are seeing a shift from a seller’s market to a “balanced market”. We measure this by looking at the inventory supply which is how long it would take to sell all of the homes currently on the market without adding any more. A seller’s market is 1-3 months inventory, a balanced market is 4-5 months and a buyer’s market is 6 or more months supply. Our current market is about 5 months. We are noticing properties staying on the market longer, less multiple offers, and more price reductions. We are not seeing prices drop so much as they are just not moving up and are at similar levels to what they were last year.
Please vote NO on Proposition 10 and YES on Proposition 5. I can email you articles about how devastating these outcomes could be for our local market. 97% of economists are AGAINST Prop 10!
I am here to help you make wise decisions regarding your real estate investments. Please don’t hesitate to reach out to discuss this further (or talk about the JMT!).
|HOMES & PUDS|
|Median Sales Price||$1249000||$1250000||$1183500||-0.08%|
|Median Sales Price||$650000||$620000||$622500||+4.8%|
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