Another spike in the Santa Barbara South County sales report for the month of October continues our streak of record real estate numbers this year. October sales grew 23% over the previous month, while numbers were up 66% over the same month last year. It also appears that closed sales picked up again this Fall, avoiding an early 4th quarter slump from years past. Perhaps buyers have taken the recent press coverage to heart regarding the quickly recovering local housing market.
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Zillow announced yesterday that U.S. home values continued to climb for the eight consecutive month, according to data from their July 2012 Real Estate Market Reports. Home values are up 1.2% nationwide, a healthy number supported by low inventory in many markets. Here in Santa Barbara, July South County sales shook off the previous month's dip to return to positive growth. 2012 sales are an astonishing 44% higher than last year. Meanwhile, inventory is at a 6 year low! Does this mean home prices are finally on the rise?
Just last month we reported to you that sales for Santa Barbara County were booming. Well, the May numbers are in and the market is gaining speed even faster than expected. In fact, the South County real estate market is now running 40% ahead of 2011 year-to-date. The graph below displays a serious spike in sales, with May 2012 reaching an all time high and breaking the 200 property threshold. This is the strongest start to the year we've seen since 2004!
Meanwhile at Rebecca Riskin & Associates, we are definitely feeling the market heat up as we continue to break records. Our year- to-date sales are now at $135 million! Make sure to visit our website to view the beautiful photos and full details of our 22 current listings.
As of lately, fantastic weather has graced our seaside town. Things aren't just looking up outside, however: Our office has been booming with action. We have proudly closed nearly $110 million in sales since January, a new record for us. In fact, the southern Santa Barbara County real estate market is up 33% in sales compared with last year.
We're thrilled to see the market upturn, as increases in high end real estate sales bodes well for the market in general, boosting consumer confidence.
Additionally, we have some exceptional mega listings coming up and will have some beautiful things to share here. Stay tuned because can't wait to show them off!