On Monday morning at our weekly Village Properties office meeting, we all gather and discuss our listings, sales, price reductions and the feel of the market. Today we had a conversation about the months of inventory in the various parts of the market. Here is a synopsis of what was discussed based on the Santa Barbara Multiple Listing Service statistics:
For the month of February, sales have been the highest in 2011 since February of 2007.
Overall, there is a 5.7 month supply of inventory. That breaks down to 4.2 months of inventory in Santa Barbara and 4.3 months in Goleta.
In the category or properties under $1,000,000 there is a 3.1 month inventory supply.
From $1-2 million the supply is 6.8 months
From $2-4 million the supply is 10 months
From $4-8 million the supply is 7.7 months
Over $8 million, the supply is about 14 months (there are 43 properties currently in this category)
Hope Ranch has an 11 month supply of inventory whereas Montecito has a 9.8 month supply.
Stay tuned for more updates...
