Real Estate February 16, 2016

Sales in Santa Barbara

Santa Barbara and its immediately surrounding areas have seen 161 pending home and condo sales since the first of the year. Following is the breakdown according to price range and property type.

Under $1M: 42 homes; 35 condos

$1M – $1.5M: 32 homes; 4 condos

$1.5M – $2M: 11 homes; 0 condos

$2M – $4M: 18 homes; 3 condos

Over $4M: 12 homes; 1 condo

With regard to all areas and price ranges Montecito has seen the most pending home sales so far this year with prices ranging from $1.3M to $28.85M, and Santa Barbara’s east side the most condo sales ranging from $390K to $1.499M.

With only 406 currently available homes and condos combined it’s no small feat that 161 have been put into escrow since Jan. 1st. Sales have no doubt been helped by the great weather that’s predicted to continue and savvy buyers who recognize that spring and summer will only bring higher seller pricing and slightly more inventory to choose from. Last year in Santa Barbara the number of homes and condos on the market only increased 4% from February to June.

There are many good reasons to purchase real estate in Santa Barbara right now rather than later in the year, including mortgage interest rates that last week neared some of the lowest in history. I appreciate any inquiries you have and look forward to keeping you updated with the most current trends and property opportunities in Santa Barbara and its surrounding communities throughout 2016.