Santa Barbara and surrounding areas which include Goleta, Hope Ranch, Montecito, Summerland and Carpinteria have overall seen less property sales this year than last. There are however a few areas that have exceeded the number of sales from 2015. Topping the list is Santa Barbara East which has seen a 6% rise in home sales year-to-date over last year. Goleta South comes in a close second with a rise of 5%, followed by Montecito with 2%. A common denominator in all three areas has been an increase in number of listings which can be considered to help sales.
Santa Barbara East – Highest Sale YTD: $5.195M – 2166 Mission Ridge Road
Goleta South – Highest Sale YTD: $4.2M – 5225 Austin Road
Montecito – Highest Sale YTD: $28.85M – 380 Santa Rosa Lane
Increased inventory doesn’t always promise higher number of sales. Hope Ranch for instance has had 9% more new listings this year with a staggering 57% less home sales, the largest drop of any area. In condos Santa Barbara, Goleta North and Montecito buyers have had more listings to choose from, but fewer units have been sold. Perhaps what’s most interesting to note is the strong correlation between median price and sales in every area. Hope Ranch has had the largest increase in median home price so far this year, followed by Santa Barbara West and Goleta North. These areas also show the lowest number of sales.
Santa Barbara real estate figures so far this year indicate that a limited increase in median price is necessary to sustain sales. Seller pricing will likely be crucial to the number of sales most areas see throughout the rest of the year.
For a thorough market analysis of any home you’re looking to buy or sell in the Santa Barbara or Ventura areas I appreciate your inquiries. Outside the area I look forward to referring you to the most experienced and knowledgeable agents anywhere in the U.S. or the world through our company’s outstanding and award winning global network.