The number of homes sold in Santa Barbara for the month of March 2010 is up a whopping +52.9% year over year. At the same time, the number of new listings of homes for sale in Santa Barbara is down -14.9%. The median sales price of Santa Babara homes that sold in March 2010 is up +5.6% over February 2010, and flat year over year.
What this says about the Santa Barbara real estate market is that buyers are taking action. Significantly more homes sold this year, than last year. The double digit decline of new listings of homes in Santa Barbara, if it continues, could result in a supply constraint. If this level of buyer demand continues, we could have a supply demand situation that could raise prices. The month over month increase in the median price may be an anomoly, or it could be the start of a turn around. Time will tell.
To search homes for sale in Santa Barbara, go to www.DistinctiveRealEstateOnline.com If you prefer, call Wendy Gragg at 805.565.0246 or email WGragg@DistiinctiveRealEstateOnline.com
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