Real Estate August 6, 2013

What is selling in Santa Barbara

In the month of July there were 114 homes that closed escrow in the Santa Barbara area. Looking at these sales it’s interesting to note that some of the most desirable properties actually sold very close to their values at the last market peak in 2005 and 2006. Homes less in demand, and which had to compete with distressed property sales a year or two ago, are still showing to be about 20% off of their previous peak values, but are doing much better than a year or two ago.

Most news media sources report only raw median price figures to show how a real estate market is doing. Comparing sale values of a single unique property at different time intervals in the market actually gives you a much more accurate picture of what’s happening. This is especially true with all of the unique homes in the Santa Barbara area.

The highest closed sale in July of this year was 640 El Bosque Road in Montecito, selling for $4.433M. This same 3 bedroom 3.5 bathroom Tuscan Villa previously sold for $4.35M in 2007. Two of the highest closed sales in Santa Barbara this July were 1620 Grand Avenue and 309 E. Valerio Street, selling for $2.695M and $2.6M respectively. These same properties sold for $2.85M and $2.65M in 2005 and 2006. For homes closer to Santa Barbara’s average median price, 2830 Kenmore Place, a modest 3 bedroom 2 bathroom home on the Mesa, recently closed for $965K. The same house sold for $950K in 2006. 1509 Olive Street, a 4 bedroom 2 bathroom downtown bungalow just recently sold for $865K after just 3 days on the market. Two years ago the same property was taken off the market because buyers felt that the asking price of $679K was too high. The previous sale of this property was for $855K in 2006. In Goleta a 3 bedroom 2 bathroom home at 29 San Dimas Avenue closed for $675K this July. The house previously sold for $845K in 2005, and per a short sale sold for $515K in 2012. To view all of the closed sales for this July click here.

If you’re interested in the present or past value of any property I’m happy to get you the information. I look forward to hearing from you and appreciate the opportunity to be of assistance.