Median home sale prices are a hot topic these days since they are now on the rise in most metropolitan areas. The scenario for Santa Barbara’s real estate market is no different. Year-to-date median sale prices are up 17 percent for homes and 12 percent for condos over last year’s figures. The biggest jump is in Montecito for homes, up 50 percent, and South Goleta for condos, up 86 percent.
With more sales happening and higher median prices Santa Barbara’s sold volume has increased 32 percent for homes and 76 percent for condos over last year. Hope Ranch leads the way in homes with a 159 percent increase and Carpinteria in condos with a 282 percent increase.
There are some skeptics that say when interest rates start rising home prices will fall. That has not been the case historically. Rising interest rates are typically the product of a booming economy, and when the economy booms the real estate market does not take long to follow.
The good news for buyers is that the median home sale price in Santa Barbara is still down roughly 24 percent from what it was in 2005, and interest rates are holding. If you can find what you’re looking for amidst the low inventory your timing may be perfect. I appreciate your inquiries and the opportunity to assist you with locating a great property in Santa Barbara!