Is Santa Barbara a good investment?
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Is Santa Barbara a good investment? Santa Barbara remains a highly sought-after destination and the investment community continues to realize that as average sale prices continued to rise through the 2nd quarter. There continues to be strong demand for apartments, partly because of the continued boom in the residential sales market.
Will Santa Barbara home prices go down? Santa Barbara Real Estate Market Report | May 2022
This month showed a -29% decrease in total sales YTD over 2021 due to the limited supply of available homes on the market, while the median sales price of a single-family home is up 13% YTD.
Why is Santa Barbara real estate so expensive? Buying a house in Santa Barbara has grown prohibitively expensive. With only two weeks of supply, there’s too much competition over the few homes that are actually for sale. With sellers receiving more offers in the wake of lower interest rates, competition has driven up the price of homes more than anyone expected.
Is it a good time to invest in real estate in California? For sellers in the California housing market, it is a good time to sell. A low inventory would keep the prices from falling. The Sales Price to List Price ratio has been 101.3% in June 2022.