Once again it’s numbers time, as we make sense of Santa Barbara’s Real Estate Market…Here are the numbers for Homes & Condo’s, from Carpinteria to Goleta including Montecito and Hope Ranch, YTD (year to date).
March 2016 had a total of 85 Homes Sold. List volume of those homes was $148,962,599. Median List price of those homes was $1,272,500. DOM (days on the market) was 80. Total Sold volume was $142,405,129. Median Sold price was $1,225,000. The SP/LP (selling price to list price) was 93.73.
March 2015 had a total of 117 Homes Sold. List volume of those homes $234,063,199. Median List price of those homes was $1,295,000. DOM was 54. Total Sold volume was $224,222,575. Median Sold price was $1,205,000. The SP/LP was 93.01.
Pending Sales in March 2016 were 131 at a Median List price $1,125,000. DOM was 63 and counting. There were 29 Sales in the $500,000 to $1Million range. In the $1Million to $5Million+ range there were 56 Sales. The Highest price was $8,191,260 for 165 Middle Road, Montecito. The Lowest price was $520,000 for 1307 Carmelita Ave, Santa Barbara.
March 2016 had a total of 25 Condos Sold. Total List volume was $20,239,800. Median List price was $649,000. DOM was 41. Total Sold volume was $20,243,700. Median Sold price was $635,000. SP/LP was 100.02.
March 2015 had a total of 56 Condos Sold. Total List volume was $39,995,400. Median List price $594,000. DOM was 61. Median Sold price was $587,000. SP/LP was 96.18.
March 2016 Pending Condo Sales were 32 with a Median List price of $739,000 and DOM of 64 and counting. There were 25 Sales in the $330,000 to $1Million range and 2 in the $1Million to $4Million range. The Highest price condo was $3,950,000 at 15 Seaview Drive, Montecito. The Lowest price condo was $339,300 at 7023 Marymount Way, Goleta.
Last month we said the ‘trends’ are mixed…well they’re becoming a little clearer. Active YTD Sold homes are down 12.6% but the Median Sales price is up 12.8%. Without Montecito / Hope Ranch up 13.6% (last month included some large sales like $28+Million for the Santa Rosa Lane property). Sold volume for homes is down 17.5%. It’s a similar story with condos, down 27.7% but the Median Sales price up 10.5% (without Montecito just 5%). Sold volume is down 9.28%.
When we pull up Active listings the fog begins to lift…homes down 17%, condos down 23%. Median List prices for these homes up only 1%, for condos down 4%. It might seem like a different twist on supply & demand…low supply – high demand = high prices. It hasn’t happened yet and might not if more homes come on the market. In the meantime, in talking with many agents and viewing the inventory, it seems well priced homes, cleaned up and looking good have no trouble attracting offers. Those that aren’t are sitting longer. While there are lots of buyers out there, they are a careful bunch. April and May will certainly be interesting months.
At the end of the day those of us in the Real Estate industry can only marvel at where we were in the last major election cycle (2008). Through the eyes of many the future was not looking rosy. Yet here we are today…plenty of money available, interest rates low (only now you must prove you can make the payments), prices back up to pre-crash levels. More people than ever want to own homes in California…what a great country we live in!
If You are Thinking of Selling or Buying in Today’s Market, Call Me for some Straight Talk.