Januray 2021 Market Update
Despite the upsurge in COVID-19, the market remains hot as we move into 2021. With many more buyers than sellers and incredibly low inventory, many properties are selling quickly with multiple offers. Mortgage rates are still very enticing, making it an excellent time to invest in a new home. The annual year-to-date median sales price for single family offerings was up 21% over last year to $1,562,000 (from $1,286,000). Sold units were up 14% and sold volume is up a whopping 30%. If a property is reasonably priced it's selling quickly. Right now we are seeing a little over one month of inventory (at 146 active listings) from Carpinteria to Goleta) and that is the lowest it has been all year. I am hopeful we are going to start to see more units and that will ease demand slightly.
With the pandemic raging on, home offices, gardens, and outdoor spaces remain at the top of many buyers' wish lists. We are still seeing a large segment of the market come from out-of-area buyers who are either now able to work remotely, purchasing a second home, or pushing up retirement plans.
I am truly grateful to be in a business where I get to help with big ownership or sale goals. If you have any questions on market conditions or activity, I would love to talk with you.