because many buyers are waiting to buy until they feel that the market has stopped declining.
Santa Barbara, CA (PRWEB) November 9, 2006
The median home price in Santa Barbara, CA, was $1 million in October, 2006. That is 9% less than the median home price of $1.1 million reported in October, 2005. This was the first decline in the median price home value in Santa Barbara since 1995. The decline reflects a trend that is being seen in many other communities around the country as well.
A veteran of the cyclical nature of real estate since 1971, National Association of Realtors (NAR) Regional Vice-President Diana Bull says that the market is particularly soft now "because many buyers are waiting to buy until they feel that the market has stopped declining." The result is that the number of sales have declined by over 22% compared to 2005. Bull continues by saying that "at some point there will be a perception that the market has bottomed out. At that point, pent up demand will unleash itself." In the meantime, purchasers who are buying now are getting some great deals from sellers who realize the market has changed." Santa Barbara Real Estate
Santa Barbara is more than just a home to Hollywood stars such as Oprah Winfrey, Rob Lowe, and Ellen DeGeneres. Santa Barbara is an idyllic town of 90,000 nestled between the ocean and mountains about 90 miles north of Los Angeles. The primary industries in Santa Barbara are tourism, agriculture, and technology.
The community is known for its steadfast commitment to preserving its natural beauty. The coast of Santa Barbara is pristine while its foothills remain largely undeveloped. Developers and environmentalists have battled for decades over development in Santa Barbara particularly the Gaviota coast.
As a result, there is a minimal amount of new construction to meet the growing demand for housing in the area. This has fueled the recent run-up in home values.