Nancy's Santa Barbara Real Estate Blog

Santa Barbara Real Estate through the end of April 2016

Santa Barbara Real Estate through the end of April 2016

It’s time to pull out the old Crystal Ball, will the Market go Up, or will it Fall...Here are the numbers for Homes & Condos, from Carpinteria to Goleta, YTD (year to date).

April 2016 had a total of 104 Homes Sold.  Total List Volume of those homes was $165,665,767.  Median List Price was $1,197,000.  Median Sold Price was $1,174,500.  DOM (days on the market) was 70.  The SP/LP (selling price to list price) was 94.83%.

April 2015 had a total of 94 Homes Sold.  Total List Volume of those homes was $145,863,750.  Median List Price was $997,500.  DOM was 51.  Total Sold Volume was $139,364,363.  Median Sold Price was $975,000.

 


 
Pending sales are down by 7 from 2015.  The Median List Price of those Pending though is up by $123,000.  There were 45 Sales in the $150,000 to $1Million range.  In the $1Million to $5Million+ range there were 57.  The Highest Price was $6,000,000 for 630 Stonehouse Lane, Montecito, the lowest was $170,000 for 3 Manzanita Lane, deep in the backcountry a few skips from the the Santa Ynez River.

April 2016 had a total of 36 Condos Sold.  The Total Sold Volume of these condos was $29,063,400.  Median List Price was $699,500.  Median Sold Price was $700,000.  DOM was 44.

April 2015 had a total of 64 Condos Sold.  The Total Sold Volume of these condos was $42,242,482.  The Median Sold Price was $565,500.  DOM was 32.
 

 
April 2016 Pending Condo Sales 46 with a Median List Price of $621,995.  DOM 43 and counting.  There were 27 Sales in the $400,000 to $1Million range and 7 in the $1Million+ range.  The Highest Priced Condo was $1,700,000 at 53 Seaview Drive, Montecito and the Lowest was $400,000 at 39 Dearborn Place #94, Goleta.
 

 
As we head into the prime ‘selling season’ the market is definitely shaping up nicely.  If you scan the charts clear trends emerge.  Using a ruler one can see a strong base taking out lows (the crash) and highs (the bubble).  Looking at 2012 > 2016 (4yrs.) Median sales prices have moved up from $775,000 to $1,250,000.  Condos have jumped $200,000 in the same period.  Tight inventory is driving everything, more so on the South Coast of Santa Barbara than almost anywhere else in the state.

I don’t believe there has been any top in the real estate market yet.  Home prices should continue to move higher, albeit at a slower pace than what we’ve observed since 2012.  Low inventory because homeowners are not selling, and low demand from the Millennial generation make this market very different from past ones...

A good time to sell?  You betcha!  If You’re thinking about it give me a call.

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