Santa Barbara South Coast Midyear Update 2020
Hello Everyone! We missed you all last quarter as everything was shut down and we made the professional decision not to send anything in the mail. That was the first time I have missed a quarterly market update since I started doing them at least 25 years ago!
In March, everything pretty much shut down in the real estate market and buyers and sellers were very nervous. We saw quite a few escrows fall out all around town and showings pretty much stopped. However by April, we became well versed in online showings, 3D virtual tours, and incredible new marketing platforms. Some of our buyers even bought homes without having physically stepped inside! Real estate was quickly deemed “essential” so the California Association of Realtors implemented guidelines for how to safely show homes to pre-approved buyers with the use of masks, gloves, and hand sanitizer. Still today, our sellers have to leave the home and buyers cannot touch anything. If it’s a hot listing we might be showing the home every 20 minutes for several days before looking at offers. We thoroughly clean after each showing.
With the safety precautions in place, the market started to go crazy! In Santa Barbara we had more new sales in June 2020 than in June of 2019! Pending sales are up in all neighborhoods including the high end. We are seeing many multiple offer situations again and all of the frantic activity that generates them. The average time it takes for a home to go into escrow is down to just a few weeks for properties under one million.
So who are all these buyers? We are seeing many first time home buyers and some investors seize these historically low interest rates, and while many of the buyers are local, we are seeing people from the Bay Area and Los Angeles, and even the big cities back east. People can now work anywhere and they want to be here! (Who wouldn’t?!) These buyers want a better place to shelter in place and now is the time! With low inventory and very high demand, it’s truly back to a seller’s market and is a GREAT time to sell so call us for a stress-free consultation! Whether you’re ready to sell or not, we’d love to hear from you!
Here are some ways we can stay connected:
- Go to our website or email us to sign up for our monthly video market update.
- www.spechlerandbeck.com [email protected]gmail.com [email protected]
- Follow us on Facebook @spechlerandbeck or Instagram @spechlerandbeck
| HOMES & PUDS | ||||
|---|---|---|---|---|
| 2020 | 2019 | 2018 | DIFF% | |
| Active Listings | 806 | 1,062 | 1,010 | -24.1% |
| Total Sales | 452 | 553 | 530 | -18.3% |
| Median Sales Price | $1,288,500 | $1,290,000 | $1,257,500 | -0.1% |
| CONDOMINIUMS | ||||
|---|---|---|---|---|
| 2020 | 2019 | 2018 | DIFF% | |
| Active Listings | 283 | 329 | 377 | -14% |
| Total Sales | 145 | 212 | 214 | -31.6% |
| Median Sales Price | $681,692 | $644,000 | $653,450 | +4.3% |
