Friday, September 14, 2007

Santa Maria and Lompoc August Sales Statistics

August in the North County of Santa Barbara did not show any signs of life. The number of transactions is still down significantly from last year. The Santa Maria area and Lompoc area combined had 133 closed transactions in August. August of 2006 had 173 transactions close. There has been a 22% drop in the number of transactions in this year compared to the same time frame in 2006. Real Estate in these markets is really being affected by the number of homeowners finding themselves in over their heads. I have heard estimates that 10% of the listings are bank owned properties. This will certainly affect prices in those areas and I believe is causing the market their to take longer to adjust to the pricing pressures. I am finding one bright spot in looking at the numbers. The lenders credit problems have been affecting the market and I think Augusts numbers would have been better if it weren't for that surprise, so maybe their will be a rebound soon. It would be good to hear other's opinions on what they believe is going to happen.

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