Real Estate March 31, 2015

First quarter market trends in Santa Barbara

The drumroll please …. the first quarter real estate sale numbers for Santa Barbara are in! It’s been a better than expected year thus far with some interesting trends. Looking at the the sale numbers, the following first quarter increases have occured for Santa Barbara and surrounding areas including Goleta, Montecito, Summerland and Carpinteria, 2015 verses 2014.

Sold Volume Increase:  60% for homes; 84% for condos

Pending Sales (Under Contract) Increase:  22% for homes; 60% for condos

Number Sold Increase:  19% for homes; 42% for condos

Median Sale Price Increase:  7% for homes (currently $1,185,000); 7% for condos (currently $590,000)

The most interesting trend this first quarter has been that sales in the highest price ranges have increased the most. For homes and condos over $5M there has been an increase in sales of 170%. In comparison, the under $1M price range has only seen an increase of 15%. More inventory should bring more sales in the quarters to come, however the counterbalance could be that many homeowners will decide to stay in their current homes longer due to the finance and tax implications of moving. It will be interesting to see what trends the rest of the year brings. I look forward to keeping you up-to-date on the activities and also many great property opportunities along the way.