Erin Beck

(805) 708-0446

Karen Spechler

(805) 563-4074

Santa Barbara South Coast Third Quarter Update 2017

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
2017 2016 2015 DIFF%
New Listings 1306 1393 1350 -6.2%
Total Sales 892 842 909 +6%
Median Sales Price $1250000 $1183500 $1113500 +5.6%
CONDOMINIUMS
2017 2016 2015 DIFF%
New Listings 442 491 512 -10%
Total Sales 327 318 437 +2.8%
Median Sales Price $620000 $622500 $585000 -1%

 

Let Me Orchestrate Your Next Move

Karen Spechler, Broker
#1 in Sales in Santa Barbara for 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001,
2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 & 2016
(805) 563-4074
[email protected]
www.karenspechler.com
DRE License 00552664

 

 

Related posts

Santa Barbara South Coast Midyear Update 2020

Hello Everyone! We missed you all last quarter as everything was shut down and we made the...

Continue reading

Santa Barbara South Coast Year End Update 2019

Happy New Year and New Decade! Wow! How did we get here so fast?! These are very exciting times...

Continue reading

Santa Barbara South Coast Third Quarter Update 2019

It seems everyone is talking about whether or not we will be seeing a recession in 2020, as has...

Continue reading

Subscribe to our newsletter

Sign-up to get the latest news straight to your inbox.
SUBSCRIBE!
Give it a try, you can unsubscribe anytime.