Over the last 30 days, I have had the opportunity to analyze a lot of data and read, sometimes it can make your head spin. In addition, I had the opportunity to attend the UCSB Economic Forum and digest our April 2016 latest statistics. I want to know what is happening in the market now and where it might be heading. I often get asked my opinion on where the market is heading, and I wish I knew.
My best guess is that we are going to continue on the same path for some time, at least that is what most foresee for the next year or two. What that could mean is modest price appreciation (4 or 5%) and a good amount of sales volume, not through the roof increases.
Looking at the real estate market in 2016; April ’16 sales outpaced last April ’15, but year-to-date sales are down by 14.3% compared to last year. Single family sales are down a little by 5%, but the largest drop is in condo sales with an overall decrease of 32%. A noticeable factor was the rise in the median condo price which increased by 10%. Though prices are not jumping quickly, we continue to see some multiple offers on properties that are priced well. And I have been surprised by the continued push in prices on some properties below the median price which is possible fueled in part by low interest rates.
Highest Sale May 2016
630 Stonehouse Ln
5 BD / 6 BA / $6.000.000
Lowest Sale May 2016
1014 E Ortega St
3 BD / 3 BA / $608.000
I had the privilege to help a great family sell their mom’s home. We encountered a hurdle along the way regarding some unchartered HOA rules, but we worked together with the HOA and resolved the issue. How satisfying to find the solution and ultimately accomplish my client’s goals.
For Sale – Upper East
309 E Valerio St
Elegant 1915 Upper East home beautifully restored w/ today’s modern conveniences. Generous in scale, stunning living & dining room w/ seperate fireplaces. The kitchen & den flow into the outdoor entertainment patio & yard. Upstairs boast a large master suite w/ fireplace, deck & chic master bath. 3 additional bedrooms have great style & detail. Bonus detached storage room above 4 car tandem garage
4 Bed / 3 Bath / $3.050.000
PERSEVERANCE! I really like to run and maybe I’m a little driven to overcome obstacles.
A few weeks ago, we headed up to Los Olivos to see the amazing poppies in bloom. We loaded the family up and headed out for what we thought was a modest hike. Halfway through we realized that the hike was long, steep and maybe a little unsafe to take a 14 month old baby up. Christy and Samuel turned back, but Moses, Elsabet and I continued on. There were many times that the kids thought about turning around. It was a super challenging and even scary hike at times for 7 year olds. But they were determined to make it to the top.
When we made it up, there were a number of young adults at the top. They were so encouraging to my kids, complimenting them for their feat. I was a proud (as always) dad and loved what it taught them that day.