Update: Months of Inventory (broken down by price range and district)

Here is a quick little update on the months of inventory for the Santa Barbara South County Real Estate market.

Carpinteria through Goleta (Homes & PUDs only, not including Condos):

Our total market has 610 active listings (not in escrow) right now, and this is trending up. In addition, we had 78 homes go "pending" in the last 30 days. This is also trending up. I think this trending up is normal, as we enter the spring and summer. This is the time when more sellers put their homes on the market and more buyers tend to be out looking. We currently have 8 months of inventory, which is steady.

Months of Inventory, broken down by price range:
$0-1mm: 4 months (steady)
$1-2mm: 7 months (this is down sharply & a great improvement)
$2-4mm: 22 months (steady)
$4-8mm: 48+ months (trending up - i.e. further weakening)
$8+ mm: 48+ months (trending up and further weakening here as well)

Months of Inventory, broken down by district:
Carpinteria/Summerland: 20 months (trending up - further weakening)
Montecito: 19 months (steady)
Santa Barbara: 5 months (steady & showing improvement)
Goleta: 5 months (steady)
*Hope Ranch: 5 months (trending down - good improvement)

*There are very few sales in Hope Ranch, and since the numbers are small, the months of inventory tends to fluctuate more than the other districts. One thing to note about Hope Ranch is that the 4 pending sales in the past 30 days have all been under $2 million. Some agents believe Hope Ranch has found its bottom.

Condos:

We have a total of 148 active listings, and this is trending up. We have seen 30 pendings in the last 30 days, so the number of sales has gone up sharply, and this is a good sign. The months of inventory is at 5 months, which is trending down and also a good sign.