March 2016

Found 3 blog entries for March 2016.

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)

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Many prime vacation cities around the country have jumped on the bandwagon to regulate vacation rental properties in their area. Advocates for legislation to diminish the number of short-term rental properties argue that more long-term workforce housing rental opportunities would be created for the community and site the negative impacts vacation rentals have in many residential areas such as additional noise, less parking and more traffic. Opponents to such legislation argue that a reduction in vacation rental transient tax for the city will be greatly felt, along with the revenue to owners who are dependent on the income collected from their vacation rental homes to remain as part or full-time residents.

Last year Santa Barbara’s City Council

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It’s no secret that in areas like Santa Barbara many homebuyers consider “fixer” properties as a way to get into a better location or sized home within their budget. With median home prices typically over five times the national average it’s enticing to look for ways to buy for less in the “American Riviera”. What most buyers come to find out is that purchasing and renovating fixers in more affluent areas like Santa Barbara has more challenges than reality TV shows like “Flip or Flop” and “Property Brothers” can put into actual perspective.

Two of the biggest obstacles when purchasing and renovating fixer properties in Santa Barbara is the extremely tight inventory of available homes along with more expensive remodeling costs. Currently with 354 homes

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