Real Estate Blog

It’s been widely publicized over the past week that U.S. home prices have just surpassed record highs set a decade ago. Details can be read in an article published by HousingWire, along with data collected by Case-Shiller, through the following links: HousingWire, Case-Shiller.

Reading past the headlines of articles on the subject one can see that the new record highs are highly dependent on the area of the country you live in, and when the effects of inflation are factored in home prices are relatively still about 20% below peak.

The 2016 median home price for the Santa Barbara area currently stands at $1.2M, which is a 4% increase over last year. In 2005 the Santa Barbara area real estate market experienced its still standing record median home

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It’s been widely publicized over the past week that U.S. home prices have just surpassed record highs set a decade ago. Details can be read in an article published by HousingWire, along with data collected by Case-Shiller, through the following links: HousingWire, Case-Shiller.

Reading past the headlines of articles on the subject one can see that the new record highs are highly dependent on the area of the country you live in, and when the effects of inflation are factored in home prices are relatively still about 20% below peak.

The 2016 median home price for the Santa Barbara area currently stands at $1.2M, which is a 4% increase over last year. In 2005 the Santa Barbara area real estate market experienced its still standing record median home

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Following are the current YTD and mid-Q4 housing market stats for Santa Barbara and surrounding areas. Condos have decreased in every category except for median price, and houses have had increased in inventory, number under contract (mid-Q4), number sold (mid-Q4), and median price.

YTD - Percentage Change Over Last Year

Condos: 10% decrease in number of listings, 23% decrease in pending sales, 24% decrease in number sold, 16% decrease in sold volume, 7% increase in median price from $595,000 to $640,000.

Houses: 5% increase in number of listings, 11% decrease in pending sales, 6% decrease in number sold, 13% decrease in sold volume, 3% increase in median price from $1.155M to $1.2M.

Mid-Q4 - Percentage Change Over Last Year

Condos: 41%

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With the big rains that were expected for Santa Barbara last season and didn’t happen the city is preparing to tap into new water sources outside of their usual supply from Lake Cachuma, state water, ground water, local streams and reservoirs, and recycled water.

First on the list is the new Charles E. Meyer Desalination Facility, located to the east of Santa Barbara’s Funk Zone at 525 E. Yanonali Street, which is expected to fill about 30% (3,125 acre-feet per year) of Santa Barbara’s demand for water. The facility was originally targeted to open this month but due to power supply corrections and added environmental safety elements is now scheduled to open in January 2017 at an extra cost of $4 million.

For five other Santa Barbara County water

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The fall season and month of October is a great time to be in Santa Barbara and surrounding communities. Along with plenty of beautiful real estate to look at there are many events, festivals, and some of the best weather of the year to enjoy. Following are several activities taking place. To experience some of the best real estate currently available in the area simply contact John@SearchSantaBarbara.com. Your inquiries and touring requests are appreciated!

Oct. 7 - Teacher’s Fund Golf Tournament & Party (sponsored by Village Properties), Glen Annie Golf Course, 12pm & 5pm

Oct. 7-10 - Celebration of Harvest Festival & Grand Tasting, Tasting Rooms throughout Santa Barbara Wine County & Old Mission Santa Ines in Solvang, 11am & 12pm

Oct. 7-9 -

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Available homes and condos for sale in the Santa Barbara area has risen substantially this year with a 33% increase over the same time last year. The last time the housing supply in Santa Barbara was this high was in 2011. The big difference between now and 2011 is the “months supply of inventory” or how long it would take the available inventory of properties to sell at the given pace of sales. You can easily calculate this by taking the number of properties on the market and dividing by the number of sales over the previous month. In 2011 there were 779 homes and condos on the market and 120 sales from August to September, which calculates to a 6.5 months supply of inventory. This year there are 662 homes and condos on the market with 274 sales over the

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Since 2010 U.S. housing starts have been on the increase, however are still well below most non-recession periods in U.S. history. Higher cost of construction, closely assessed risk factors and less financing available for developers are all part of the current equation. In addition, new residences cost home buyers more per square foot than existing properties, approximately a 23.8% difference according to data recently collected by the National Association of Realtors. To read the full article click here.

In Santa Barbara affordability is certainly a factor. With the median resale home price reaching $1.14M in August many buyers are already at their maximum price point when purchasing an existing residence, where any new home purchase in the same size

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There have been only five sales in the Santa Barbara real estate market so far this year for homes over $10M, a small number when compared with the eleven that sold in the same period last year. Sale dollar volume has decreased a substantial 51% for this elite price range so far in 2016. Sale volume decreases are also being experienced for homes in lesser price ranges, but not to the same extent. Year-to-date there’s been a 15% sale volume decrease for homes in the $4M to $10M range, a 13% decrease for homes in the $2M to $4M range, and a 7% decrease for homes priced under $2M in the Santa Barbara area.

1592 E. Mountain Drive, Montecito. Sold for $11.45M in 2016. Previously sold for $15M in 2006.

A recently published article in the Denver Post,

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For the first half of 2016 Santa Barbara and surrounding areas have seen the market trend differently than last year. The median price for homes this year is up 3%, number of sales are down 9%, and number under contract is also down 9%. For condos the median price is up 8%, number of sales are down 29%, and number under contract is down 27%. In 2015 percentages in all of these categories were up with the exception of number of homes under contract. With only 3% less condos on the market this year than last, and 1% more homes, it’s fair to say that inventory levels have not been the main contributor to current market trend changes. It’s also fair to say that interest rates, which have continued to stay at historically low levels, have not been a

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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.

2166 Mission Ridge Road

Santa Barbara East  -  Highest Sale YTD: $5.195M  -  2166 Mission Ridge Road

5225 Austin Road

Goleta South  -  Highest Sale YTD: $4.2M  -  5225 Austin Road

380 Santa Rosa Lane

Montecito  -  Highest Sale YTD: $28.85M 

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