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|
|Median Sales Price||$1257500||$1250000||$1195000||+0.6%|
|Median Sales Price||$644000||$599000||$635000||+7.5%|
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