Friday, November 21, 2008

October, Best Month Since June For Sales

October's real estate transactions hit 126 for the Santa Barbara area. June of 2008 had only 1 more transaction, and the highest number of sales in a given month this year was 135 in April.

Santa Barbara, Goleta, Carpinteria, and Montecito are communities that will always be desirable places to live. This is helping to deliver a consistent level of home sales. The buying season is usually from March to October and this year only 18 transactions seperated the high and low monthly sales number for that period.

Can the stock market say that? I know my 401k can't say that, or should I say my 101k. Like any good investment, demand is part of the magic that makes it go up in value. The demand for Santa Barbara property this year has not been what it had been in years past, but the consistency makes me believe the demand has found it's bottom.

The supply has been pretty consistent as well, so if the demand begins to build next year then the price of homes may have reached it's bottom. I know there is a ton of unanswered questions with respects to our economy, but if what I am hearing is correct, then real estate may lead us out of this downturn and some of the signs I'm seeing are giving me hope.

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