Santa Barbara, CA
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Communicates the segments in the local housing market which are most active in the current month as well as in the same month one and two years prior. Seeing the change in percentage from one year to a next is an indicator of performance of that sale type. This can also be a gauge of market health; for instance, a large percentage of activity in REO Sales and Foreclosure Sales may imply a distressed market.
Home closings are the fundamental unit for measuring home buying market activity and volume. Further, the breakdown by housing product provides insight into which types are most in-demand in this selected geography and time frame. This can be helpful in recognizing a shift in home-buyer trends, either in terms of overall housing demand or demand for a specific type of housing unit.
Provides a trending view for pricing year-over-year in the market. Year-over-year comparisons are more reliable to follow than month-over-month as seasonal differences can impact monthly trends. Taken together, the two pricing trends enable reliable insights into the pricing strength of the market. A positive trend in both indicates a healthy and strong market. A negative trend in both reveals weakness. A mixed trend, such as one where the average closing price is increasing but price per square foot is decreasing reflects likely changes in product mix and so conflicting pricing trends do not provide reliable insights in such a mixed scenario.
Home prices and home sizes often move in the same direction but these metrics can also show which home sizes hold additional price premiums, which price levels offer the most value, etc. Price per square foot is a valuable indicator of overall pricing power.
Examining price distribution is a key ingredient in understanding the product and home buyer make-up of a specific market area. The curves on this chart not only give a good indication of the most populous price categories, but also provide an additional expression of overall market volume compared to prior years.
This can be used to target buyers in certain income brackets for home purchases, and can be cross-referenced with income distribution to suggest which category of home prices will be in the most demand.
Household income is used to determine the buying power of consumers in a market, as well as the affordability of housing in a region.
The age distribution of a population paints an important picture of future home buying trends. For instance, a larger aging population will shift demand toward active adult housing units, whereas a larger young population will focus demand on smaller homes and family-oriented communities, along with accompanying employment trends.
Permits are an expression of supply, and the trend of permit issuances give key insight into the pace of construction activity. The annualized figures provide an easy way to compare current activity with prior months and years.
Total employment and the unemployment rate typically have an inverse relationship. These metrics can be used to determine the health of the local labor market. Jobs are a major factor for the housing demand. High levels of employment and low unemployment rates tend to lead to healthier housing markets.
Payroll growth by sector indicates which industries are likely driving local economic growth. The direction in which each sector is moving may signal longer-term shifts in the region’s economy.
Can be used to forecast population trends. Migration trends can be indicative of demographic and employment trends in a particular area. Market areas with substantial inflows of new residents will have greater demand for new and existing homes. Market areas with negative net migration will have less demand for additional homes.
