6 MONTH Comparison for Santa Barbara’s Real Estate Market
It is amazing how fast the year seems to be moving. Can you believe that we are already in the second half of 2016? Wow! So, how is the real estate market in the Santa Barbara (Carpinteria, Summerland, Montecito, Santa Barbara, Hope Ranch and Goleta) area?
Since 6 months have gone by, it is a good time to reflect on the market trends, what we are seeing, and also to compare the first six months of 2016 vs. the first six month of 2015. See below.
In summary, market is still strong with the overall median sales price and list price being up, even though the average sales price is down and there were less sales in 2016 than 2015. There is activity and we still appear to be in seller’s market due to supply and demand. Homes that are priced correctly and those under $1,000,000 have been receiving multiple offers, and all cash buyers are involved in nearly 28% of the market.
REAL ESTATE UPDATE:
RESIDENTIAL # of Sales Average Median Average Median
List Price List Price Sold Price Sold Price
June – 2016 105 $1,742,898 $1,197,000 $1,685,757 $1,173,000
June – 2015 114 $2,039,542 $1,250,000 $1,965,296 $1,252,500
May – 2016 112 $1,730,770 $1,164,350 $1,680,745 $1,125,000
May – 2015 127 $1,959,030 $1,299,000 $1,869,745 $1,280,000
April – 2016 104 $1,592,940 $1,197,000 $1,538,594 $1,174,500
April – 2015 94 $1,551,742 $1,295,000 $1,916,432 $1,205,000
March – 2016 85 $1,752,501 $1,199,000 $1,675,354 $1,225,000
March – 2015 117 $2,000,054 $1,295,000 $1,916,432 $1,205,000
REsidential: January 1st – June 30th
2015 2016 % Up or down
# Sold Properties: 583 540 Down -7.4%
Median Sales Price: $1,175,000 $1,195,000 Up +.7%
Median Sales Price: $972,000 $1,015,000 Up +4.4% w/o Hope Ranch & Montecito
Average Sales Price: $1,906,450 $1,750,552 Down -8.0%
Average Sales Price: $1,328,757 $1,258,325 Down -5.3% w/o Hope Ranch & Montecito
CONDOS # of Sales Average Median Average Median
List Price List Price Sold Price Sold Price
June – 2016 47 $678,804 $625,000 $654,872 $620,000
June – 2015 47 $693,397 $649,000 $688.626 $636,000
May – 2016 40 $767,861 $594,000 $751,421 $586,640
May – 2015 53 $724,583 $595,000 $715,338 $591,000
April – 2016 36 $807,000 $699,000 $788,046 $700,000
April – 2015 64 $658,214 $564,500 $660,038 $565,500
CONDOS: January 1st – June 30th – 2015 vs. 2016
2015 2016 % Up or down
# Sold Properties: 277 203 Down -26.7%
Median Sales Price: $580,000 $635,000 Up +9.5%
Median Sales Price: $565,000 $620,000 Up +9.7% w/o Montecito
Average Sales Price: $705,037 $803,134 Up +14.0%
Average Sales Price: $647,327 $701,751 Up +8.4% w/o Montecito
We would like to thank to SBAOR and Coldwell Banker for providing us with our information. As always, if you are thinking of buying or selling, or know someone who is, please think of us and make sure you check out our current listings, our SB open guide, which is updated daily, and more from our blog and Facebook. Sign up for our monthly newsletter for more in-depth information!
Thank you!