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.

• 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

• 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