April 2009 Santa Barbara market update by Jeff Reeves of Village Properties Montecito

April 2009 Santa Barbara/Montecito Sales - Southern Santa Barbara County

Overall, there was an increase in the number of units sold compared to last month.  This was expected because the next 4-5 months is our busiest time of year.  Sales are slow from October through February. When I compare April 2009 to April 2008 the number of units sold is down 18%.  I expect sales to be slow for the remainder of this year as well as 2010. There is good news.  Overall, the market under $1.5 million has seen about a 35% drop in price.  Prices above $1.5 million is still hit and miss.  Some sellers understand they need to be realistic about price and others still think we're living in a sellers market.  With low interest rates (5%) for a conforming loan, it is making it easier for buyers to get into a nicer home.  Clearly we are in a buyers market. If you are interested in any additional information please feel free to email me at JRinSB@Cox.net or call me at (805) 689 2058. Best regards, Jeff Reeves