Real Estate March 29, 2016

First quarter home trends

With Q1 (quarter one) of 2016 ending in two days there are plenty of interesting stats to look at in the Santa Barbara real estate market. Following are the most recent year-to-date numbers and trends for the Santa Barbara area that are worth taking notice of, and that will keep you ahead of the curve when reported months from now by slower medias.

Median home sale price: $1,060,000 (up 15% from Q1 2015)

Median condo sale price: $640,000 (up 6% from Q1 2015)

Homes sold: 209 (down 14% from Q1 2015)

Condos sold: 77 (down 33% from Q1 2015)

Homes under contract: 270 (down 2% from Q1 2015)

Condos under contract: 96 (down 36% from Q1 2015)

Homes on the market: 717 (no change from Q1 2015)

Condos on the market: 239 (down 8% from Q1 2015)

Keep in mind that this year’s median sale price rise does not directly correlate with property value appreciation. The higher percentage of high-end home sales in Santa Barbara verses low-end sales is the main contributor to the increase in median sale price. This trend will likely continue as long as Santa Barbara’s inventory of entry level homes stays as incredibly low as it has been.

Some notable sales that took place during the first quarter of 2016 include the following.

380 Santa Rosa Ln

Most expensive home sold:  380 Santa Rosa Lane – $28,850,000 – 4,755 sq.ft.

1307 Carmelita Ave

Least expensive and smallest home sold:  1307 Carmelita Avenue – $520,000 – 562 sq.ft.

4295 Mariposa Dr

Largest home sold:  4295 Mariposa Drive – $5,520,000 – 9,872 sq.ft.

1385 Plaza Pacifica

Most expensive condo sold:  1385 Plaza Pacifica – $4,650,000 – 1,686 sq.ft.

410 Camino Del Remedio F

Least expensive and smallest condo sold:  410 Camino Del Remedio F – $271,101 – 352 sq.ft.

1448 Santa Fe Ln

Largest condo sold:  1448 Santa Fe Lane – $2,380,900 – 2,647 sq.ft.

I look forward to keeping you posted with the most recent Santa Barbara area sales, best property offerings, and market changes throughout the year, and thank you for your interest and inquires.