Market update 9/14/2008
The current median home price for Santa Barbara is $1,075,000 and for Condos it's $583,500. Considering that we were at a high of $1,250,00 in 2005 for homes and $675,000 for Condos we are off by about -20%.
Sales are off as well. Currently to date, 543 homes have closed and if you compare that to last year sales of 725 for the same time period we are off -25%. Comparing that to the 2005 sales of 861 for the same time period we would be off by -37%.
Foreclosures for Santa Barbara County in 2007 were 372 and for 2008 they’re 897... OUCH, and the year is not over yet. With all the things that are going on in the banking community, who knows what will happen next. It’s getting harder to get a loan even if you have good credit. I wish I had a Cristal ball so I could tell you what will happen next, but with changes happening on a weekly basis who can really tell. My best guess would be that the market will continue to be slow till the end of 2009 and we might see some more price reductions. Over the long run, Santa Barbara will always be a good investment and prices will go back up again after the market corrects itself and that could be at least another 5 years.
Be well and prosper!
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