SANTA BARBARA SOUTH COAST FIRST QUARTER UPDATE 2017
Happy Spring Everyone! And what an amazing spring it is with all of the rain and happy plants that are blooming! You can see the updated statistics below but what it doesn’t show are the numbers when you take out Hope Ranch and Montecito. When you do that the median sale price in homes tells another story. In homes the median is flat, only going up 1.4% over last year at this time but when you add back in the two higher end areas the median DROPS to -9.1%. The upper end is very slow with large price reductions! In fact, in Montecito and Hope Ranch there are currently 188 homes on the market over 2 million (18 in escrow) and 301 when you add in Santa Barbara and Goleta. It’s a VERY soft upper end!
In terms of inventory and where the hot markets are, I would say Goleta under one million wins! There are currently only 8 homes for sale in Goleta North and South and 5 in escrow. There would be more in escrow if we had inventory as the ones that are selling often have multiple offers. In condos it is also the Goleta market that is tight in inventory with only 11 available and 6 in escrow. I am a little surprised by this considering the huge Los Carneros Village project, however, many cannot afford their prices or don’t like the density there.
On another topic I continue to get sellers telling me what their home is worth because they have checked it out on Zillow or Redfin. Folks, this is ONLY a zestimate. Zillow has not seen the inside of your home, studied the comps and current activity or looked at it as an appraiser would or will once it sells. Your home is too precious of an asset to trust it to some mathematical guess, unless of course you live in a cookie cutter neighborhood. Even then I have seen variances of up to $200,000 for identical units in an 18 unit complex. If Zillow puts a high price on it would Zillow buy it? Will a potential buyer pay more just because Zillow says so? I wouldn’t! Please call me for a free estimate if that is something you need.
HOMES & PUDS
|Median Sales Price||$1181683||$1300000||$1152500||-9.1%|
|Median Sales Price||$575000||$637500||$577000||-9.8%|
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Karen Spechler, Broker
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