Enclosed is the update of
activity for February, 2012 thru March 2012.
There were a total of 76 new
listings. There were 47 pending sales. Of the residential sales there were 29 sales
between $250,000 and $600,000, 8 sales between $601,000 and $999,999, 5 sale
over $1,000,000, 1 commercial sale and 2 land sales. There were 34 sale completes. Their were 49 price decreases and 2 price
increases. The number of current
listings are up at 289 listings specific to the Santa Ynez Valley.
Rates continue to fluctuate
on a daily basis. Conforming 30 year
fixed rates up to $417,000 are at 3.875% at no points and Jumbo Conforming
Loans which are loans up to $626,500 are at 4.0% at no points and Super Jumbo
Loans which are loans up to $1,000,000 are at 4.625% at no points for
origination. The Jumbo 30/5 year ARM Interest Only is at 3.125% at no
points. The 11th District Cost of Funds
index (COFI) is down at 1.206 for the month of April. The 6 month LIBOR rate is at 0.74; last month
it was at 0.74; 12 months ago it was at 0.43.
The latest round of Santa
Barbara Economic Forecasts are starting to come out. They
are somewhat rosier than the recent previous years but not a cause for
handsprings as yet. Fortunately Santa Barbara County is a unique place where
national and state forecasts do not have an much applicability. We have some tried and true linchpins of
agriculture, education, defense, technology and tourism. For the Valley itself we can be thankful for
several of those areas includingthe wine industry which brings tourists and
also provides jobs and the Chumash
Casino and Resort which infuses
consistent dollars into the economy and the pockets of its employees and tribal
members, all of which help keep the local economy afloat.
The sale of properties in the
price range under $600,000 has really picked up and inventory in this range is
dropping. The banks are still predicting
a round of short sales but I think Santa Barbara County and the Santa Ynez
Valley is looking stable at this time.
That is not to mean that the upper end of price ranges over 1 million will still not see a glut of more
than can be sold in a reasonable period of time. And the price of those sales
really needs to be determined by what has sold in the last 6 months and not by what was in 2005; getting back to
2005 is going to take much longer than the 6 years it took for values to
fall. It will be interesting to see if
the cost of proper maintenance, repair
and updating of the homes of those sellers who are going to hold out for the
return of values to 2005 levels will
equate to the rise in prices of the future. A crystal ball providing the "right
answers" would be a great tool. The
buyers are definitely out there now looking even in all price ranges but they
are looking for "THE DEAL" and generally they are willing to wait
until they find it.
Are we in a Buyer or Seller's
Market? I think we are in both; we
bounce between the two on a daily basis; lower end inventory is down which makes properties under $450,000
few and far between but the upper end although showing some sign of life is
still struggling.In either case there is still plenty of inventory to look
at, There are "the deals" the buyers but if you are a Seller and want
to sell, to move up, move away, get out from under, there is opportunities to
get that done. In any case, talking to
your realtor and an accountant or lawyer well versed in short sale, foreclosure
and bankruptcy and most importantly, the local market is very important. Marlene
and I are well versed and educated in all these issues and if we don't
know the answers at the very least we can point you in the right
direction. Being proactive will put you
and our economy on the right track and in the right spot.
Be sure and check out our
Website and Property Search engines. The
Lompoc MLS and CCRMLS have merged and now all North County properties are under
the same Search MLS; only Santa Barbara remains it's own entity for searching out properties. You can still
find everything available throughout the County and as far North as Paso Robles
at www.MacbethRealEstate.com. Looking for Short Sales, Auctions, REO's
we have access to those too through RealtyTrac and Foreclosure Radar. Have a
Short Sale, facing foreclosure, call us for information. At the very least we can provide you with the
knowledge to make an informed decision.
Just give us a call and let us know what you need. We may be reached
during the day at our office 805-688-2969, and in the evening at 805-688-2986. Our toll-free number is 1-800-300-7977. My cell phone is 805-689-4178 and Marlene's
is 805-689-2738. So whether you need to
buy or sell, call us. We would like to show you what we can do! In the meantime we thank you again for your
loyalty and support in seeking us out when looking at properties in the Valley
and for choosing in 2011 and for the future
to get your information about the Santa Ynez Valley and other areas on the beautiful Central
Coast from.........
David and Marlene Macbeth, CDPE, CIAS, e-PRO, GRI
Your Real Estate Professionals
Providing Old-Fashioned Service Using Today's Technology