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A Historic Rebound


It is no secret that the Montecito and Santa Barbara real estate market has been on fire, with listings flying off the market, often with multiple offers and over asking price. But it seems the housing market is making a rebound nationally like never before, which is a good sign for us all. Buyers are making their move!


Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?


According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market.


MONTECITO

As of today, there are currently 54 homes pending in Montecito, proving the strength of our current market. It seems the third quarter of the year will continue to be a busy one!



Read the full article here.

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Nancy Kogevinas

Luxury Collection Director

805.450.6233

Nancy@Kogevinas.com

DRE: 01209514

Berkshire Hathaway

HomeServices California Properties

1255 Coast Village Road 102C

Montecito, CA 93108

DRE: 01317331

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©2020 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be verified by broker or MLS. Buyer is advised to independently verify the accuracy of that information.