Is real estate in Santa Barbara rebounding? Yes. If you look at the big picture, the retail report on the South Coast is stronger than it may have been a few years ago, with widespread Santa Barbara vacancies and other cities looking for big companies to fill large buildings.
Now Amazon, Google, and Microsoft have joined local giants Deckers, Sonos, Yardi and Procore. Downtown Santa Barbara, in a slump, has a road map back in the months ahead with business owners leading the way, using creative designs for their available space from the waterfront to Sola street primarily. Is Santa Barbara real estate rebounding? It would appear so.
According to the California Association of Realtors economic uncertainty and high prices are muting the housing market in California creating concern for 2020. The median home price in California likely will increase by 2.5% to $607,900 in 2020, slowing from a projected 4.1% annual gain in 2019, CAR said in a forecast Thursday. Sales of existing single-family homes probably will gain 0.8% in 2020 to reach 393,500, following a 3.1% drop this year from 2018’s level, the group said.
Low mortgage rates are making it easier for buyers to afford homes, but that’s being offset by the Trump administration’s trade wars that have increased the chances of an economic contraction, said Jared Martin, president of CAR.
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