Santa Barbara Real Estate – July 2015

The market is maintaining the same upward trajectory as last month. The total number of homes sold continues to out pace 2014 by 20.8%. Notable is that total number of homes & condos sold is nearly the same as 2013. This is significant as the median price for homes and condos has increased by 28% & 19%, respectively.

The high end market above $5M is staying very strong too. Seven more sales this month pushing the total to 41 for the year; in July we should pass 2014 total of 44.

I love to annalyzing the market and properties. This month I came across a matrix that I was unfamiliar with. The Housing Affordability Index which measures the percentage of households that can purchase the median home. For the 1st quarter of 2015, only about 1 in 5 households could afford the median priced home in Santa Barbara County. On a state basis the average is 34%. An interesting fact is that on a state wide basis this fell all the way down to 17% in 1980, 1989, & 2005 before the boom was over. Thankfully we are still a ways off of that.

I love doing my job and if you would like to talk more about the market or have questions about buying or selling, please let me know.

 

June 2015 YEAR TO DATE STATISTICS
  • Total home sales Up 12.5% – 583 in ’15 vs. 518 in ’14
  • Median sales price Up $1,175,000 – 4.9% increase from ’14 of $1,120,500
  • Montecito sales Even – 101 in ’15 vs. 101 in ’14
MONTHLY STATS
  • Total home sales Up 10.7% – 114 in ’15 vs. 103 in ’14
  • Total pending sales Up 29.6% – 127 in ’15 vs. 98 in ’14
  • Median sales priceUp $1,252,500 – 5.6% up from ’14 of $1,186,500
  • Days on Market 46 – even with from ’14 of 46
  • 30 Year fixed Avg 4.22% as of 7/13/15
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Jon-Ryan Schlobohm

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