The local real estate market is doing well, and prices are moving up. We are having another good year.
Santa Barbara Real Estate
Santa Barbara has an active market in 2016, although with fewer sales than the first quarter of 2015. Inventory is constrained and prices are up, but sales are primarily occurring between $1 million to $3 million. This year there are less sales and fewer people looking in the over $5,000,000 market. There are also fewer homes available under $1 million since the prices have increased. As buyers find it harder to afford a house, they are switching to condos. This has caused a 10 percent increase in condo prices recently and I expect this trend to continue. The Mesa has passed the peak of 11 years ago. Most Santa Barbara neighborhoods are 10 percent below peak prices.
US and California Housing Economy
Nationally pending home sales rose solidly in February to their highest level in seven months and remain higher than a year ago, according to the National Association of Realtors. Prices in Southern California are up 3.7 percent higher than last year. The February Southern California median price was 14.9 percent below the 2007 peak according to Core Logic.
Sincerely,
Scott Williams
CalBRE 00628741
P.S. I have 38 years of experience in Santa Barbara, with more than 700 homes sold, and I am available to talk with you about your home. Call (805) 451-9300, or email scott@scottwilliams.com. All calls will be kept completely confidential.
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