Did I say the market was shifting? I'm still seeing that. At our office meetings every Monday, we review the inventory and statistics. We have been consistently seeing much more new inventory coming on the market than homes sold. We are also seeing a pretty big increase in homes falling out of escrow. As of today, we have 277 homes/PUDs on the market and only 72 closed. That's almost 4 months of inventory!
Remember when we only had 1 month a few years ago?
Our sales are not really slow though. We had 89 closings versus 81 last year April. Days on the market did go up from 38 to 47.
Sellers appear to be seeing it as well, as we are seeing a substantial number of price reductions. If a home has been on the market for 30 days with no (good) offers, you know the buyers are not seeing the perception of value and it's time to adjust the asking price!
I was at the UCSB Economic Forecast last week and was pleased to hear Peter Rupert say our economy is doing pretty darn good, even with the chaos happening from the tariffs. With all of the supporting evidence he and the other speakers provided, my stress level did go down a notch!
With the summer kicking in, I'm wishing warm, sunny days and cool
Santa Barbara nights for everyone! Let's soak up some vitamin D before
June Gloom kicks in!
Cheers!
