Real Estate Tasting Room

2012 Santa Ynez Property Sales Show Dramatically Better Listing Prices

Comparing 2012 to 2011 Year-to-Date Santa Ynez Valley Residential Property Sales

My analysis of year to date, meaning January 1-May 21, Santa Ynez Valley residential (non condo) property sales in 2012 vs. 2011, I came up with some surprising results. (See chart below).

• The most surprising finding was that we actually sold almost 8% fewer properties this year. I can say that this year’s market “feels” a lot stronger, but the numbers do not bear this out.
• The median sales price fell 15% this year, while the average sales price remained about the same. This simply means that we sold significantly more properties below $470,000 this year, and, at the same time, sold more higher priced (luxury) properties. The market in 2012 is much more a double-hump (low end then high end) than it was same time last year.
• The average discount in the sales price to the last listing price remained about the same, 7-8%. This is useful news.
• The cumulative days on the market dropped by over 5 weeks this year, which is good news.
• And then the biggest finding: The average discount per day from the original listing price to the final sales price fell from $2,932/day to $715/day this year. The final sales price to the original listing price increased from 50% to 83% between last year and this year.

Seller’s Are Pricing Closer to the Real Market

While all of these numbers are effected by the number of short sales and foreclosures, it does certainly appear as if the Seller’s of non-distressed properties are taking into account the reality of the current market. There is no evidence that Buyers are paying up.

So What?

The big take-away for serious Buyers is to pay attention to the typical discounts, 7-8% from last listing price and 17% from original listing price when considering an offer. This information, couple with comparable (to the property of choice) sales information should provide reasonable guidance in the offering and negotiating of a purchase.

For a comparable sales analysis for your property of choice, please go to Property Values Buyers button at the top of my home page and enter and send your information.

Please contact me for more information or with comments. Text of call 805.588.3616 or email me at [email protected].

The Santa Ynez Valley Property Sales Table