Did you know that Old Town Orcutt has a revitalization plan? For those from out of town, Orcutt is the unincorporated area south of Santa Maria. Check out this and other current County of Santa Barbara projects online. Since my last update on the Santa Maria and Orcutt real estate markets on March 20, 2007, inventory has edged up slightly, but sales appear also to have also increased. A better indicator will be the numbers as they appear in about 15 more days.
There are currently 742 homes on the market, an increase of about 3% over the last figure I reported (720). There are 129 pending or contingent sales, so a healthy amount is still in the pipeline. The snapshot view of the past 30 days looks encouraging; there were 85 homes sold, an increase of about 16% from the last update figure of 73 homes sold. Using the number of solds vs. number of homes on the market, if sales continue at the same pace, inventory will turn over at about 11.5% in the next 30 days.
The median price of the homes sold was $387,000, and the most expensive home sold for $1,115,000. It sat on the Fairways of the Santa Maria Country Club. What a view! A thirty day snapshot also reveals 247 price reductions, 204 new listings, and 67 expired listings. So, the buyer’s market is in full swing!
Give me a call to see how you can best make use of today’s market conditions. I’m available on my cell at (805) 878-9879.
*Based on the information from the Central Coast Regional MLS for the 30 days prior to this posting, April 4, 2007. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.
