Property Pick of the Week
We think this remodeled Hacienda-style home on approx. 1 acre with mountain and ocean views is a great value at the asking price of $1.495. The home has a nice, open floor plan with access to several outdoor spaces that are beautiful and private. The property also includes a pool with a nice entertaining deck. The property is located in Mission Canyon with easy access to downtown.
If you would like to tour this property or receive more information, please give Kelly a call at 805-895-4406.
Follow this link to see the page:
http://www.flexmls.com/link.html?reui0tpmbam,1,1
This link will no longer be available after 3/26/2010.
Interpreting Housing Economic Indicators
Analysts, policy makers and investors closely follow economic indicators that track the condition of the housing market. Here’s some background information on these important indicators.
Housing Starts
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Housing starts is considered the most important report on the housing sector due to its large ripple effect in the economy when buyers purchase appliances and household furnishings. Construction of single-family homes accounts for about 85% of the industry. Work on multi-family units makes up the rest of the market and is considered highly volatile. This indicator is important from a national perspective, but has little relevance to Santa Barbara where there is little to no new construction of single-family homes.
Home Sales
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New homes sales account for less than 10% of the market. They are tabulated when the contract is signed. This is different from the way that existing home sales are tallied. They’re counted when the transaction closes and thus reflect contracts signed a month or two earlier. Existing home sales account for more than 80% of the market.
Another important home sales figure is the pending home sales index. This is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. Because it usually takes four to six weeks to close a contracted sale, it’s considered a leading indicator.
Housing Price Indices
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There are two housing price indices: the S&P/Case-Shiller home-price index and the Federal Housing Finance Agency (FHFA) index. The FHFA index is a national measure that tracks houses bought with mortgages purchased by Fannie Mae or Freddie Mac and excludes many of the foreclosure sales and properties bought with non-conventional mortgages. Homes with these loans did not experience the sharp rise and subsequent decline in prices throughout the last decade and represent a more stable pricing index.
In contrast, the S&P/Case-Shiller report is focused on large metropolitan areas and includes distressed properties and those bought with non-conventional loans such as jumbo mortgages. These home prices tend to be much more volatile.
We hope you find this information useful! If you are curious about the market velocity in Santa Barbara (active listings versus pending and closed sales), please give Kelly a call at 805-895-4406.
Home Buyer Tax Credit Update
This is the best explanation of the home buyer tax credit rules that we have seen. We hope you find it of value.
Click here to download the pdf.
Beautifully Updated Home in the Mountain View Attendance Area! Sold in 1 Day.
I am excited to tell you about my new listing in the Mountain
View School attendance area: 909 N. Patterson Avenue. Very well
priced at $849,000, this beautifully updated home on a large,
corner lot boasts new Pella sliders and windows, a dining room
addition, a comfortable family room with access to the rear yard,
and a spacious master suite with remodeled bath, walk-in closet,
and an office with front patio access. The tropical-themed yard
has been professionally landscaped, and the private rear yard
offers nice mountain views and a new patio – perfect for
entertaining.
For a full photo tour and property details please visit www.909NorthPatterson.com.
If you would like to see this property, call Kelly at 895-4406 for an appointment.
Santa Barbara Real Estate Statistics for December 2009
Here are the CORT Report documents for December 2009:
South County Sales Summary – Includes Year to Date
South County Sales – Broken out by Address and Area
Here is the December CORT data organized by area. In addition to the December data, we have included a year-to-date comparison for all years since 2004. Please note that the attached reports summarize the sales of single family residences, condos and residential income 2-4 units. Larger residential units (5+ units) and commercial properties are excluded. We hope you find this information useful!
If you have any questions about the data you see, or need further assistance in this area, please contact Kelly Knight – 805.895.4406
New Property Pick of the Week
With the holidays over, it’s time to start looking at some of the great deals offered by the current market. Low prices and low interest rates make this a great time to buy a home! We like this new offering in Rancho San Antonio, listed for $1,395,000: newer home constructed in 1991 on over 1 acre in a great school district. If you are interested in seeing this home, please give Kelly Knight a call at 805-895-4406.
Follow this link to see the page:
http://www.flexmls.com/link.html?rdr3r98d9ml,1,1
This link will no longer be available after 2/11/2010.
Santa Barbara county real estate sales are up over 80% in November.
Home sales in our area are up almost 80% over November 2008, according to CORT (Computer Oriented Real Estate Technology), which reports all sales of single family homes in Santa Barbara County. If you have any questions about this information or what it may mean to you, please give Kelly a call at (805) 895-4406.
Some Positive Real Estate News!
California median price rises 5.8 percent in November
According to a report released yesterday by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), home sales in California increased 4.7 percent in November compared with the same period a year ago, while the median price of an existing home rose 5.8 percent. “First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original Nov. 30 expiration,” said C.A.R. President Steve Goddard. “The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months.”
The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.
The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.
Santa Barbara Real Estate Statistics for November 2009
Here are the CORT Report documents for November 2009:
South County Sales Summary – Includes Year to Date
South County Sales – Broken out by Address and Area
If you have any questions about the data you see, or need further assistance in this area, please contact Kelly Knight – 805.895.4406
Santa Barbara Real Estate Statistics for October 2009
Here are the CORT Report documents for October 2009:
South County Sales Summary – Includes Year to Date
South County Sales – Broken out by Address and Area
If you have any questions about the data you see, or need further assistance in this area, please contact Kelly Knight – 805.895.4406