2011 Santa Barbara Area Home Sales Statistics Year in Review

Posted January 26, 2012 03:39 PM by Alyson Spann    

 

The year 2011 ended with a decrease in the median price of homes, now at $790,000.  Overall, our market has changed.  There are now homes for sale priced at $399,000 that are actually liveable homes in decent neighborhoods.  Taking advantage of this "window of opportunity" is heightened by the fact that interest rates are hovering around 4%, and lenders have loan programs with as little as 3.5%, 5% and 10% down. 

December sales in 2011 increased 62% over the number of pending sales in December 2010. Inventories are shrinking. Short sales have increased (200 in 2011 vs. 137 in 2010). The most sales logged are $500,000 to $600,000 for houses and $300,000 to $400,000 for condos. All of this activity in the lower end of the market and fewer at the upper end brings down the median price. 

For a look at a total market review click here for Santa Barbara Real Estate Statistics.