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Santa Barbara Real Estate – 2014 Year in Review

In my mind, the market correction in 2008 does not seem that long ago and the recovery very recent. With that in mind, I anticipate that sales should be on a strong upwards projection.

What surprised me in 2014 was that though we saw a continued rise in prices, we experienced a 16.9% decrease in the number of homes sold. Due to the increase in price, we only experienced a 1.5% drop in the sales volume with approximately $1.8 Billion in sold properties. But after reviewing the last sales cycle, I saw that sales volume peeked before prices did.

In 2014, the median home sales price was up 18.6% to $1,120,500. It seems that for the last six months we have seen little price appreciation. For the last three months, the median price has averaged $973,333. Though the three month average is lower, my assessment is that prices have stabilized across the board for now and we have had a greater mix of entry level sales.

The condo market has faired a little differently. Sales are only down 1.6% with 435 condos selling in 2014. The total sales were up 16.8% with $303 Million and the median condo price was up 10.3% to $560,000.

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Jon-Ryan Schlobohm

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