Santa Barbara Real Estate – May 2015

The market has momentum, almost half way through the year and we continue to see sales increase and upward pressure on price in almost all price points. Condos have experienced a huge 41.9% increase in sales year to date and single family homes have increased by 12.7%. The condo market is led by a couple new developments selling well and which I believe have taken some sales from the single family home market.

We continue to see an above average amount of sales in the high end, with 36 sales year to date above $5,000,000. This is a blazing pace compared to a total of 44 sales in all of 2014. If that pace continues we should see around 86 sales above $5M.

Overall the market is moving; combining condo & single family homes sales, 2015 is close to 2013 in total volume with 696 sales versus 719 respectively. That is significant as 2013 was a big year for the real estate market.

 

MAY  2015 YEAR TO DATE STATISTICS
  • Total home sales Up 12.7% – 469 in ’15 vs. 415 in ’14
  • Median sales price Up $1,129,000 – 2.6% increase from ’14 of $1,100,000
  • Montecito sales Up 5% – 80 in ’15 vs. 76 in ’14
MONTHLY STATISTICS
  • Total home sales Up 12.4% – 127 in ’15 vs. 113 in ’14
  • Total pending sales Up 20% – 120 in ’15 vs. 100 in ’14
  • Median sales priceUp $1,280,000 – 8.9% up from ’14 of $1,175,000
  • Days on Market 52 – a little slower from ’14 of 48
  • 30 Year fixed Avg 4.09as of 6/12/15
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Jon-Ryan Schlobohm

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