Erin Beck

(805) 708-0446

Karen Spechler

(805) 563-4074

Santa Barbara South Coast Midyear Update 2018

Santa Barbara South Coast Midyear Update 2018

Summer is sizzling up and with it heats up the local real estate market. Just ask our local “sign guy”, Vince, who puts up For Sale signs for all properties in our area…he had a list of 26 homes that needed new signs just last week! While the overall inventory is still less than it was at this time last year, the number of new listings coming on has steadily gone up from Winter/Spring and into Summer. This is not a new trend but much more noticeable after the Montecito disaster in January.

Even more interesting, we are now back to the peak prices we saw in 2007 for single family homes. In June, the median sales price was $1,257,500 which is the highest it’s been since 2007. For condos, the price peak was in 2006 ($675,000) and while we are not quite there, June showed a median sales price of $644,000, which is where we were in 2007.

Statewide sales are down 4.6% which is similar to here. The median price was up 9.2% comparing May 2018 to May 2017. This is the fastest pace in 4 years in California and a record high. The prediction for the next 12 months is that prices will go up 5 – 7.5% according to the National Association of Realtors.

We are not seeing what I would call a “fast pace” here in Santa Barbara. Buyers are taking their time and escrow companies are telling us that one in ten escrows cancel. The fall out is due to cold feet, loan problems, and inspection report issues. Many agents tell me they are much slower than last year. I believe it’s not a bad thing to have a more normal market without the frenzy.

Rates are holding 4.5% to 4.75% so it’s still a great time to buy or sell and buy. If you would like to discuss your personal real estate needs please contact me.

HOMES & PUDS
2018 2017 2016 DIFF%
Active Listings 1010 1042 999 -3.1%
Total Sales 530 583 540 -9.1%
Median Sales Price $1257500 $1250000 $1195000 +0.6%
CONDOMINIUMS
2018 2017 2016 DIFF%
Active Listings 377 306 327 +23.2%
Total Sales 214 201 203 +6.5%
Median Sales Price $644000 $599000 $635000 +7.5%

 

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, & 2017
(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.