Santa Barbara South Coast Third Quarter Update 2017
SANTA BARBARA SOUTH COAST THIRD QUARTER UPDATE 2017
Happy Fall everyone, though it still feels like summer with all the heat. There is not much change from last quarter and in fact the 2nd and 3rd quarters have been virtually identical. The first quarter of 2017 we jumped and the market was very fast and active. However, it slowed quickly and has not picked up again.
We still have low inventory and most of it’s over one million dollars. Of the 400 homes for sale, only 12.5% are under one million or 50 properties. As you might imagine those have the lowest number of days on the market. In Condos there are a total of 110 for sale and 59% are under $1,000,000.
Our number of sales for homes is just off slightly from the 2001-2002 levels, but we have the highest median since the peak of 2005-2007. It is similar in condos.
Statewide the sales pace was running almost 3% ahead of last year, but started to slow in June. The California Association of Realtors reports that only 29% of California households could afford to purchase the statewide median of $553,000 by midyear. Tight inventory will continue to fuel the upward momentum in home prices, particularly in the Bay Area and other high priced markets. Our local SB market is tight too, but mostly for properties under $1,000,000.
|HOMES & PUDS|
|Median Sales Price||$1250000||$1183500||$1113500||+5.6%|
|Median Sales Price||$620000||$622500||$585000||-1%|
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Karen Spechler, Broker
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