The graph below shows how the number of closed escrows continues at a dramatic pace. The sales for 2012 are 44% higher than the previous year. And the number of homes available is at record lows. There were only 376 houses for sale between Carpinteria and Goleta, which is less than any month in the last 6 1/2 years. Condominiums show the same shortage.
Distressed properties continue to make up about a third of the new listings, and they get lots of attention. A short sale last month in Goleta was listed at $599,000. It received 23 offers, and several were above $700,000. Many frustrated buyers are still looking for their new home.
It would seem like prices would start to rise with so much demand and so little inventory.