We hope you and yours are in good health and spirits. 2020 has thrown some serious curveballs our way!
March usually marks the beginning of the selling season in real estate, but this March re-wrote the history books in many ways. Statistics for South Santa Barbara County from March 1 – April 30 showed sharp drop-offs from that same period last year. For single-family homes, the number of sales was down 25.4%, while Condo sales also dropped 45.6% as compared to that period last year.
Ready for some good news?
- Prices for the most part remained steady, even during those unprecedented drops. The median price of homes increased 3.7% and condos went up by 20%.
- Feeling more secure, buyers are emerging in droves to take advantage of historically low interest rates.
- Sellers are also feeling more confident to allow showings, as strong safety precautions have been implemented.
- As Agents, we have brought nearly all of our services online to keep the process as safe and convenient as possible. This includes, virtual open houses, Facetime showings, electronic document signing, digital flyers, and much more.
As the reopening takes hold, we are seeing a return to more normal patterns. How pent up supply and demand from this normally busy period will play out remains to be seen, but signs are pointing to a very busy summer. There are differing opinions on how this may ultimately affect prices. There are no crystal balls in real estate, but now more than ever, having a professional to help you understand the trends and all your options is critical. Bottom line, the Santa Barbara real estate market is absolutely open for business. If you have questions about anything or if we can help in any way, please know we are just a phone call away.