How’s the Market?

SANTA BARBARA SOUTH COAST MIDYEAR UPDATE 2017

It’s hard to believe that half of the year is over and we are enjoying summer! Here is a follow up
regarding my comments about Zillow last quarter. You may have heard that someone is now suing Zillow because her house is not selling (she says) due to a low Zillow zestimate they have put on her property. Apparently Zillow is using comps from an inferior neighborhood because there are none near her. In my research of their numbers I found that they are off by 20 percent 89% of the time! That is $140,000 on a $700,000 condo or home! Zillow’s answer to this is that “it’s not an appraisal”. Folks, you and I both know that people look up values on the Zillow site all of the time and rely on them. That’s such a mistake. Many appraisers are cheering the lawsuit saying “it’s about time they were called on this!” Stay tuned…

Locally we continue to see very low inventory. We only have about a month or month and a half of inventory to choose from in homes and condos. It’s still super tight except for the high end. They have more like a 5 month supply. We have 418 listings for sale from Goleta to Carpinteria. Of those only 62 or 14% are under $1,000,000. Foreclosures in SB are almost nonexistent-I know of only one right now. I am still getting buyer calls looking to buy a foreclosure so they can get a good deal. They aren’t here. The market is slightly more of a seller’s market due to such a shortage of properties. In Santa Barbara the sales pace has been about the same for the last 4 years and the median has been pretty flat for that time period as well. You would think prices would shoot up with low supply. Affordability (or lack of it) has stepped into the mix. And by the way about 30% of the sales are all cash and 60% of our sales are over $1,000,000. Interest rates continue to inch up slightly. Please call or email me if you would like more information or a private consultation about selling or buying your next home.

HOMES & PUDS

2017 2016 2015 DIFF%
New Listings 900 940 912 -4.25%
Total Sales 583 540 583 +8%
Median Sales Price $1250000 $1195000 $1175000 +4.60%

CONDOMINIUMS

2017 2016 2015 DIFF%
New Listings 276 328 345 -15.85%
Total Sales 201 203 277 -1%
Median Sales Price $599000 $635000 $580000 -5.67%

 

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
karenspechler@cox.net
www.karenspechler.com
CalBRE License 00552664