Santa Barbara Real Estate through the end of March 2018

By March 6, 2018 February 25th, 2020 Real Estate
Santa Barbara Real Estate through the end of March 2018
With Spring Comes Renewal…  Montecito’s Recovery is Progressing, albeit slowly, with FEMA redrawing maps many of the most Severely Damaged Homes are in a holding pattern.  Meanwhile Santa Barbara Real Estate is popping with Multiple Offers on Properties.  Some of this extra action is undoubtedly related to many Montecito Residents not waiting for FEMA.  Meanwhile from all reports Nationwide Real Estate generally and select California Areas are Booming.  Demand continues to Outstrip the Supply.  Might now be the very Best Time to Invest in Real Estate?  Interest Rates must Rise to reflect the Large Tax Cuts put in place by Congress, which could foreshadow an Increase in Inflation…  Here’s a Close Look at Homes and Condo’s from Carpinteria to Goleta:

March 2018 had a Total of 82 Houses Sold. Total Sold Volume $167,765,000. Median List Price $1,370,000. Median Sold Price $1,348,000. CDOM (cumulative days on the market) 74. The SP/OLP (selling price to original list price) was 92%. There’s a Total of 97 Pending.

Looking Back to March 2017 we had 89 Houses Sold. The Total Sold Volume $171,825,000, the Median List Price $1,300,000, the Median Sold Price $1,295,000. CDOM was 97 and SP/LP 90%. There was a Total of 97 Pending.

There were 25 Sales Up to $1 Million and 57 in the $1 to $5+ Million Range. The Highest Priced House was $35,000,000 at 1627 E Valley Road near the Upper Village in Montecito. The Lowest Priced House was $150,000 at 100 Paradise Road in the Los Padres National Forest.

      

      

      

 Looking at these Three Charts One Sees a Small Drop in the Median List Price and Number of Sales but the Sales Prices of Houses Continue an Upward Trend.

      

      

        

Home listings are off from a year ago about 80, and 150 or so from 2015.  This continues the tightening trend since the number of buyers has grown exponentially.

Moving Over to the Condo Market…  March 2018 had a Total of 35 Sales with the Median List Price of $785,000, a Sold Price of $785,000 and a Total Volume of $33,470,000. The CDOM was 89, the SP/LP was 96%. Compared to March 2017 there were 3 Fewer Sales and the Median Sold Price was $655,000.

The Highest Priced Condo was $2,525,000 at 27 Seaview Drive near Butterfly Beach in Montecito. The Lowest Priced Condo was $520,000 at 2727 Miradero Drive in the San Roque neighborhood.

      

      

      

      

And so my friends at the end of the day your Real Estate Investments in our Beautiful Santa Barbara remain Strong. Whether the winds blow from the East or West our market continues to do well. Get out and enjoy these magical Spring days for the hills are alive with with the sound of Music/Color!

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