My last column discussed how real estate is beginning to recover, although not everywhere yet. Whether you’re buying or selling, you need to be aware of local conditions, and adjust your strategy according to the value of your home. Our low your strategy according to the value of your home. Our low end of the market, under $600,000 has only three months supply of homes to offer and that’s a seller’s market.

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The signals are out there: home sales are picking up and prices are slowly ascending. However, recovery isn’t obvious everywhere yet. Most markets are still seeing the lower priced homes selling fastest, while mid-range homes are taking longer, and upper-end properties, when priced well for our market, are selling a bit slower. (more…)

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Week Ending 2-22-2010

New Listings……………7   Sale Pending……..2     Closed…………4

Under $1 mil……….……. 7    ………………..….1      …..…………….4               

$1-$2 mil………….……..0  ……………………..0    ……..……………0

$+2mil-$4mil………………0   ………………….. .1      ……………………..0

$+4mil-$8mil……………..0   ……………………0

$+8mil……………..……..0      …………………..0

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Phew! After four years of declining home sales across the country, the numbers appear to be finally turning back upward, with closed sales and pending contracts at above-normal increases. In particular, first-time buyers helped buoy the market by taking advantage of low prices and interest rates, as well as they $8,000 tax credit offered by the federal government.

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33 pendings for week ending 11/29/09
 
0-1 million 21
1-2   6
2-4   2
4-8   3
8+   1
 
36% over one million - highest percentage since September 2009

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Nationwide, the average price of both new and existing homes sold in the second quarter fell 1% from the same quarter a year ago, according to the latest government figures.Among the country’s 32 largest metropolitan areas covered in the survey by the Federal Housing Finance Agency, 16 showed price increases and 16 registered declines. (more…)

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On August 25, 2009, The S&P Case-Shiller Home Price Index indicated the the home sales prices are moderating at a faster rate than expected.  On September 1, 2009 the Associated Press reported that the Housing and Manufacturing sectors are showing signs of strength. Home construction, pending home sale and manufacturing are all at their highest levels in 10 to 18 months.Consumer Confidence rebounded in August after a slight decline in July. July Pending Home Sales are at their highest level in 2 years and are rebounding faster than expected. “The overall trend toward stabilization is undeniable at this point,” wrote Mike Larson, real estate analyst at Weiss Research. According to the National Association of Realtors “Pending Home Sales Are on a Record Roll”.According to Forbes.com, Santa Barbara is among the top 10 best cities for a housing recovery.For the 4th straight month in a row, new home sales surged and for the first time in 3 years home prices post quarterly rise.Federal Reserve Chair, Ben Bernanke, has stated that he believes that the worst is over.According to a recent survey by Relocation.com, people are moving for happier reasons.

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Wow, here it is August already and the market is showing signs of sizzling sales.  Another month in the triple digit sales for the south County of Santa Barbara. From Carpinteria to Goleta home sales are averaging four a day and we have an overall supply of seven months supply.  But don’t let the supply number fool you.  Just when you hear the media talk about another wave of foreclosures let’s look to see what’s happening here.  With the low end flying off the shelf and only leaving 17 homes in the area available under $600,000 regardless of short sale, real estate owned by the bank or a traditional sale seems the only difference is that there’s not much to choose from.  With pressure on interest rates to rise in the future, might this be the bell ringing loudly, saying it’s time to buy if you are going to make it at all?

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After months of not so good news about the real estate market in general, more recent statistics show the Santa Ynez Valley is experiencing a turn around.  Those statistics include a 20% jump in number of sales in the Santa Ynez Valley in the first six months of this year as compared to the last half of last year!  The Valley has had 24 final sales (closings) in the past three weeks alone!!!

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The beautiful Santa Ynez Valley is located about 30 miles north of Santa Barbara and is a horse lovers dream. About 20 years ago Monty Roberts invited me to do a dressage demonstration during a Reagan Round Up Fundraiser on his farm “Flag Is Up”. Monty Roberts is a world famous horse whisperer and people come from all over the world to see him work or take one of his week long classes. His wife is a fantastic sculpturist, specializing in horses.  I spent four days at their house and fell in love with the valley.  I moved here and quickly discovered there is no better place to live if you are involved with horses.

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