Real Estate Blog

Santa Barbara’s real estate market has seen some small changes during the first half of 2019. The number of homes sold has decreased by 1% compared to last year, and the median sale price has increase by 1%. The largest gains in both categories have been in Montecito and Carpinteria, with buyers feeling more confident now buying in those areas since the 2018 mudslide has become a more distant memory.

Lower interest rates have certainly assisted in keeping buyer expenses down and sales up, even with lower inventory levels. The current outlook is for more of the same, with home supply continuing to play a large factor in future sales. Santa Barbara has started this June with a 9% decrease in newly listed homes, and a 44% decrease in newly listed condos,

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For the first time since 2011 the median sale price of a home in Santa Barbara has decreased. The 2018 median sale price finished the year at $1,270,000, four percent lower than the 2017 median of $1,324,000. Number of homes sold and total sales volume also decreased eleven and twelve percent respectively when compared to 2017.

There has also been an eight percent increase in number of new listings on the market in Santa Barbara over the past year. With the inventory increase many buyers have been able to find the homes they want at good values. There are currently many homes on the market in Santa Barbara priced below what they sold for fourteen years ago in 2005. This has not been the case in most larger metropolitan areas of California where the

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Over the past three months there have been more homes selling on the west side of Santa Barbara than any other areas between Goleta and Carpinteria. With a 13% increase in number sold and 20% increase in sale volume over the same period last year it’s the only area that has not seen a decline. Although Hope Ranch and Carpinteria have declined in sales volume for the period they’ve also experienced a higher percentage of more expensive homes selling. This can largely be attributed to luxury buyers hesitating on making purchases in Montecito until more of a recovery from the recent mudslide events are felt.

Of the 76 sales in westside Santa Barbara and 9 sales in Hope Ranch over the past three months, following are the most notable. We take pride that

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The third-quarter Santa Barbara area median home price showed a drop of 5% from last year, down to $1,235,000 from $1,305,000. During the same period inventory rose 14% and number of sales dropped 14%.

The Santa Barbara condo market out performed homes in the third-quarter as the median sale price rose 4%, up to $665,000 from $639,000, with inventory decreasing 3% and number of sales rising 4%.

Rising rents have played a factor in the increase of lower-end property sales, and lower affordability coupled with higher inventory levels have helped to slow higher-end sales.

If you’ve been considering selling or purchasing a property in and around Santa Barbara we appreciate the opportunity to provide you with the most accurate and current data in the

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After a second quarter slow down the Santa Barbara area’s mid-year median home price of $1,292,000 came in slightly lower than the year prior. Number of sales also came in lower with a 12% decrease. The trend has continued through July with 14% less sales than last year, and the month’s median home price coming in at $1,250,000. With lower-end home sales prevailing, the year-to-date median home price is now at $1,287,000.

National and California media sources continue to report that low inventory levels are driving the slowdown in home sales and rise in prices. The Santa Barbara area real estate market though has actually seen 2% more new listings this year than last, and a slight median price decrease. Markets trends this year, as in the past, are

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In the past two months home sales in the Santa Barbara area have seen some interesting change. The first quarter median home price came in at a record setting $1,433,250 for 2018, a 7% gain over the first quarter of last year. Now the year-to-date median home price is at $1,300,000, which is a slight decline from the same period a year ago, and quite a drop from the first quarter. We haven’t seen a median price drop in the area in quite some time, alongside an increase in number of new listings, which currently there are 4% more of than a year ago.

Santa Barbara’s Westside is now showing a year-to-date decrease in number of sales over last year after showing an increase in the first quarter. The only areas now showing an increased number of sales for

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Inventory level and number of homes sold this year has shown a strong correlation in the Santa Barbara area real estate market. For the first quarter of 2018 the number of available listings and number of homes sold both dropped -11%. The biggest drops in number of homes sold has been in South Goleta, Carpinteria, and Montecito at -61%, -59% and -23% respectively. The largest gains have been in North Goleta, Westside Santa Barbara and Hope Ranch at 39%, 15% and 6% respectively.

Although the area’s median home sale price is now at a record setting $1,433,250, gaining 7% for the first quarter over last year, there are many factors that the increase in median can be attributed to other than actual home values rising. The fact that more high-end homes have

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Tax time is upon us, as are proposed California property tax changes for later this year. The “Property Tax Fairness Initiative”, which is making ground to appear on the November 6, 2018 state general election ballot, would allow homeowners 55 years of age or older to transfer some or all of their Proposition 13 property tax savings to a home of any price, located anywhere in the state, any number of times. Yesterday the Homeownership for Families and Tax Savings for Seniors Committee announced that it has submitted nearly one million signatures collected from California voters to qualify the initiative. Initially brought to the forefront by the California Association of Realtors, the measure is seen as a way to help ease the shortage of modest-priced and

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Since the devastating mudslide on January 9th of this year the Montecito real estate market has struggled as one might expect. From the time of the unfortunate event until now there have been declines in just about every category when compared to the same period last year. The number of homes listed has dropped 41%, the number under contract has dropped 53%, the number sold has dropped 38% and the median price has dropped 3%. Clean up from the mudslide is still under way in which afterward there are likely to be more homes listed for sale. Interestingly, the not so far away luxury community of Hope Ranch, west of Santa Barbara has seen a large increase in the number of homes under contract since the incident. A 200% increase to be exact. It stands to

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It’s been quite trying times for Montecito, Ventura and Santa Barbara since the Thomas Fire ignited on December 4, 2017, burning over 440 square miles and setting up the deadly scenario of mudslides in Montecito. Our hearts go out to the all those effected and our community is thankful to those who’ve lent helping hands amidst the recovery. Reopening of Hwy 101 and Coast Village Road in the Montecito area this week, along with utility crews working franticly to restore utilities to all residents is a victory in the slow journey back to normality.

Many effected by flood and mudslide damage to their homes have expected difficulty with their insurance companies in covering losses however FEMA and several carriers are now allowing owners to claim Fire

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