Santa Barbara South Coast First Quarter Update 2019
Happy Spring from Rainbows to Super Blooms!
It’s known that the real estate market tends to pick up at the first signs of spring and after our long, wet winter, this has proven to be the case. In the last few weeks, we’ve seen a flurry of not only poppies and butterflies, but of new homes coming on the market, many selling within the first couple of weeks, sometimes days. The most noticeable increase of activity is in the $1million+ price range with over 200 homes on the market or in escrow between $1-2 million between Carpinteria and Goleta.
If you’re tracking interest rates, you’ll have noted an unexpected drop in interest rates. All last year, we heard repeatedly that rates would be going up in 2019. With the announcement from the Fed that they were not going to hike rates up, rates dropped from the high 4% range to the high 3% range, a number we didn’t think we would see again for a very long time. Many Buyers capitalized on this dip, as it strengthened their purchase price and helped them jump off the fence.
Our first quarter was a busy one with 12 closed escrows, ranking us #2 in the entire Santa Barbara MLS for units sold, selling more than many large teams of up to 10 agents! Our partnership is proving to be a WIN for both our buyers and our sellers and we hope to have the opportunity to work with you if you choose to purchase or sell a home in the near future.
|HOMES & PUDS|
|Median Sales Price||$1,290,000||$1,394,000||$1,181,683||-7.5%|
|Median Sales Price||$705,000||$670,000||$575,000||+5.2%|
DRE License 00552664
DRE License 01488548