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Santa Ynez home prices, sales increase during April

19 Jun 2013 11:35 AM
Santa Ynez home prices, sales increase during April

As signs of the strengthening economy continue to be observed across the country, further proof of the ongoing recovery of the housing market can be found in California, where property prices and sales have risen considerably.

A substantial number of luxury homes in Santa Barbara County have been sold to affluent buyers in recent months, so if you're looking to acquire your own piece of real estate, you may want to begin planning your approach - competition for upscale properties may become more prevalent in the near future.

The Santa Ynez Valley News reported the housing market was exhibiting signs of real progress and improvement, pointing toward future growth. After six years of stagnation, local builders and bankers are reporting heightened confidence levels, and buyers may stand to benefit.

"It's an exciting time," Gary Grossman, president of Coastal Community Builders, told the news source. "I think we've got a good solid three to four years of strong market appreciation heading our way with the current shortage of housing inventory."

Grossman said that significant gains can be seen in the coming months, with positive developments coming in two tandem swells. Low inventory levels may lead to increased construction efforts and a dip in foreclosures could see the number of distressed homes lessen.

"There's going to be a little bit of a double-wave effect," Grossman continued. "First, with the current low-supply, housing starts are getting going, which brings job growth, which means more people able to buy homes."

Similar progress also seen in residential sectors statewide
While the Santa Ynez area is well-positioned for considerable improvement, it is not the only region of the Golden State that is experiencing housing gains. In its May home sales and price report, the California Association of Realtors announced that the largest year-over-year statewide price gain in 33 years was observed last month.

According to the organization, Santa Barbara County exhibited strong growth during May, with the median sale price of existing single-family homes rising to $656,250. These figures show substantial monthly and yearly growth, as the current amount improved 1.2 percent from April and 26.8 percent from May 2012.

If you're interested in settling down in an upscale Santa Ynez property, you may be able to find a number of available listings by researching Santa Barbara real estate opportunities. Be prepared to act fast, as these homes don't stay on the market for long.