Santa Barbara Real Estate – July 2016
Half way into the year is a great time to review where the market is at. Overall we are still experiencing a sellers market where properties that are perceived at value are moving quickly, some receiving multiple offers and going above asking. But buyers are being more selective; properties priced too high are sitting and we are seeing more price reductions.
Comparing the first six months of 2015 to 2016, we see that the median home price is only slightly up by 1.7% to $1,195,000. Interestingly, the median condo price is up 9.5% to $635,000. But for both single family homes and condos sales have dropped. Condos experienced the largest drop in volume with a 26.7% decrease. Single family homes are not as significantly down with only a decrease of 7.4%. Buyers for condo’s seem to be more cautious due to the rise in price whereas the over exuberant seller in the home market has
has dampened activity.
In the market above $5,000,000, we have experienced 1/3 less sales with 28 sales through June of 2016. In 2015, the market was very active with 42 sales in the first six months. To give you an idea how active 2015 was for all of 2014, we only experienced 43 sales for the year.
Overall the market appears to be stable, interest rates are remaining low helping affordability, and there are qualified buyers looking for the right home.
Highest Sale June 2016
1530 Mimosa Lane
6 BD / 6 BA / $7.080.000
Lowest Home Sale June 2016
606 Sutton Ave
1 BD / 1 BA / $606.000
1041 MISSION RIDGE ROAD
Designed by highly acclaimed architect, Gardner Dailey, also noted for his work on Montecito’s Coral Casino is this remarkable Santa Barbara gated estate. Built in 1928, renovated in 2011, and impeccably improved in 2015, it sits on more than 2 acres on the backside of Santa Barbara Riviera where it stands out as property worthy of distinction. This home is filled with craftsman detail, luxury finishes including a German Bulthaup kitchen, and modern conveniences. Awash in natural light, the interior of the home is bright and warm; the home boasts a formal library with trayed ceilings and a newly added media room. The setting and grounds, equal to the house, have been meticulously designed and cared for – complete with magnificent mountain views, majestic oaks, formal gardens, pool cabana, and putting green eliciting a sense of quiet privacy. This property seamlessly blends the historic with modern.
5 BD / 8 BA / $6.795.000
The president of Compass writes these great short daily emails to help better the team. A few weeks back, he jokingly suggested that every agent should be REQUIRED to sell their home every two years, so that we would be freshly aware of the time, energy and effort it takes our clients.
It was a great reminder for me. With a number of home projects going on now, which is one part of the selling process, I am reminded of all the work it takes to sell a home. Not only do you need to do that, but tidy up, have it clean, have people in and out of your home, etc . . .
So with that, I am grateful for all the hard-work my clients put into selling their home and I always want to be there to help. THANK YOU!
Thank you to my clients on these two most recent sales. It is always an honor to help.
309 E Valerio St
4 BD / 3 BA / $2.950.000
22 San Dimas Ave
3 BD / 2 BA / $811.000