Residential Lending In Santa Maria

Santa Maria has recently been experiencing a pick up in residential real estate transactions. I am not surprised.

I believe the price of properties in that area is certainly affordable when you compare them to Santa Barbara or the Santa Ynez Valley.

When looking at the residential lending numbers for Santa Maria it is pretty easy to see a pick up as well.

The non purchase market had 219 loans close in March. This is the highest number since October of 2007 and the second straight month there has been an increase. I would hope that some of the Economic Stimulus Package is beginning to give this area some help. The additional money that is available for refinancing certainly can't hurt.

The residential purchase market in Santa Maria is also showing a little bit of growth. There were 95 transactions for March which is the highest number going all the way back to August of 2007 if you exclude February's number. Another situation where for the last 2 months the purchase market is showing increased activity. Probably what is giving this area the most help is that properties are priced well enough to be desirable again.

I think there is a bit of a rebound going on in this market. I can hardly wait to see what happens when the April numbers come in.

See You In Escrow!