August 2014

Found 2 blog entries for August 2014.

The median price for a Santa Barbara home has been well over $500,000 for quite some time, surpassing the $800,000 mark in 2003, and the $1 million mark in 2004. These price points are significant in way of jumbo loan financing.  In 2008 the conforming loan limit for Santa Barbara County went from $417,000 to $729,750, with a lowering to its current level of $625,500 in 2011. As a result today’s loans above $625,500 involve non-conforming jumbo loan financing.

Buyers have traditionally paid more for jumbo non-conforming loans because they’re harder to sell on the secondary market to investors, but in 2013 the tables turned due to banks having more deposits than loans. Supply and demand certainly lowered the cost of borrowing more money. At the same

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July saw 96 home sale closings in the Santa Barbara areas of Carpinteria (5), Summerland (1), Montecito (23), Santa Barbara (39), Hope Ranch (4) and Goleta (24), as compared to 115 home sales last July.

Of the 96 homes sold this July:

57 closed over $1 million vs. 54 last July

15 closed over $3 million vs. 5 last July

5 closed over $10 million vs. 0 last July

37 sold at or above asking price vs. 47 last July

37 sold in 10 days or less vs. 36 last July

14 sold after just one day on the market vs. 10 last July

Also, the average number of days on the market for a home this July was 51 vs. 42 last July and the median sale price for a home this July was $1,178,500 vs. $962,500 last July.

It’s amazing how much of a jump total sale

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