Real Estate August 5, 2014

Current trends in Santa Barbara

July saw 96 home sale closings in the Santa Barbara areas of Carpinteria (5), Summerland (1), Montecito (23), Santa Barbara (39), Hope Ranch (4) and Goleta (24), as compared to 115 home sales last July.

Of the 96 homes sold this July:
57 closed over $1 million vs. 54 last July
15 closed over $3 million vs. 5 last July
5 closed over $10 million vs. 0 last July
37 sold at or above asking price vs. 47 last July
37 sold in 10 days or less vs. 36 last July
14 sold after just one day on the market vs. 10 last July

Also, the average number of days on the market for a home this July was 51 vs. 42 last July and the median sale price for a home this July was $1,178,500 vs. $962,500 last July.

It’s amazing how much of a jump total sale dollar volume has taken – $215 million this July vs. $145 million last July, while the total number of sales are down almost 17%. This emphasizes that much more expensive homes are selling this summer in Santa Barbara. Recent sale figures also illustrate that really good listings are selling faster, and average listings are taking longer to sell than last year.

I look forward to keeping you up-to-date on interesting market trends and best buys in the Santa Barbara area throughout the year and always welcome your impressions and inquiries.