A new listing in Montecito, CA on Olive Mill Lane
According to Realtor.com, western states continue to dominate the housing recovery in the third quarter of 2012. The site released its rankings of the top 10 turnaround towns, based on housing data from median list price increases, inventory levels and even employment rates. Santa Barbara was ranked 7th on Realtor.com’s most recent list, while the metro area also made the Top 10 turnaround town list for the 2nd quarter of 2012. Western states especially have seen inventories continue to fall and median list prices increase year-over-year.
More than anywhere else in the country, California metros are showing some of the largest year-over-year asking price increases according to Realtor.com. The Santa Barbara metro area tops that list, posting a 32.05% year over year increase, a staggering 6% higher than any other metro area nationwide. Complementing this trend, California metros are also posting some of the largest inventory declines.
September numbers are also in from CORT, confirming a continued improvement in Santa Barbara South County Sales over the past five years. Last month’s closed sales were up 8% over September 2011. Here at Rebecca Riskin & Associates, we have had four closings in the past 30 days, with 3 more listings pending.
This week’s real estate press have been very encouraging. Reports show the nation’s housing market posted the strongest growth in 6 years, with nationwide home prices up 4.6% from last August. It is also predicted that September prices will continue to rise across the country. Another report detailed existing home sales climbing about 9% nationally in August from a year earlier. Mortgage rates have hit another record low, and the National Association of Realtors NAR estimates prices of existing homes will rise 10% cumulatively over the next two years.
A Santa Barbara Riviera Estate Site
Meanwhile, Santa Barbara continues to make headlines for its noteworthy increase in house prices. Realtor.com put together a list of the top 10 turnaround towns for the 2nd quarter of 2012, showing metropolitan areas with the fastest recovering housing markets. Santa Barbara made the list at number 10, ranked by comparing year-over-year changes in median price, median age and size of the inventory. Our housing market moved 21% faster in Q2 2012 than it did for the same quarter last year, with inventory down 31% and list prices up almost 17%. We plan to continue to make headlines with more sales in the near future!