4th Quarter 2015
Nationwide
The national real estate market appears to have hit a comfortable plateau in the third quarter of 2015. Sales activity has leveled out, while prices have risen modestly. Pending sales remain at a healthy level. Interest rates continue to hover near historical lows. The National Association of Realtors chief economist expects “sales in the coming months should be able to roughly maintain their current pace”. The national median home price is expected to increase 5.8% in 2015.
Santa Barbara- South Coast
Inventory levels remained fairly consistent during the third quarter, with 1201 Active Listings. The Number Sold rose a healthy 11% to 537. Average Sale Price dropped 18% to $1,227,603, and Median Sale Price fell 8% to $885,000. Overall Sold Volume slid 8% to $659,222,687. On average, properties sold for 97% of their list price. Average days on market was 46.
Montecito
Although inventory levels remained constant at 248 Active Listings, and Average Sale Price rose 7% to $3,896,857, the third quarter was challenging for Montecito real estate. Median Sale Price slid 8% to $2,525,000. The Number Sold fell 45% to 42 sales. This lack of sales led to a decline of 41% in Sold Volume to $163,668,035. There was over $110,000,000 more in sales during the third quarter of 2014, than there was in 2015. On average, properties sold for 94% of their last list price. Average days on market was 93.
I expect Montecito sales to pick up during the fourth quarter, but prices to remain level.
Birnam Wood Golf Club
Limited inventory continues to hamper Birnam Wood sales. There are presently only two properties offered for sale through the MLS: 1987 Birnam Wood Dr. - $5,590,000; and 511 Las Fuentes Dr. - $6,450,000. There were only two closed sales during the third quarter of 2015: 2059 Boundary Dr. - $2,500,000; 2010 Birnam Wood Dr. - $4,500,000. There are no pending sales in Birnam Wood. There are plenty of Buyers who would like to be in Birnam Wood – we just need more properties to sell!
Hope Ranch
Despite significant gains in both Average and Median Sale Prices, the third quarter of 2015 was extremely quiet in Hope Ranch – there were only 5 closed sales in the entire third quarter: 970 Via Tranquilla - $1,675,000; 977 Via Rosita - $3,285,000; 4090 Cuervo Ave. - $3,900,000; 4675 Via Bendita - $4,237,500; and 4558 Via Esperanza - $5,795,000. There is one pending sale: 4632 Via Roblada – listed at $6,495,000.
Inventory levels slid 36% to 29 Active Listings - we desperately need more inventory in Hope Ranch. Sold Volume fell 35% to $21,207,290. The Number Sold dropped 61% to 5.
Mesa
The third quarter of 2015 ended with mixed results for the Mesa. MLS statistics for Area 20 (west of State Street) show a 20% increase in the Number Sold to 118. Inventory levels remained fairly constant with total Active Listings declining 2%, to 218. Median Sale Price was virtually unchanged at $875,000, but Average Sale Price dropped 13% to 975,989. Overall, Sold Volume climbed 4% to $115,116,750. Properties sold, on average, for 97% of their last listed price.
Samarkand
The third quarter of 2015 ended with mixed results for Samarkand. MLS statistics for Area 20 (west of State Street) show a 20% increase in the Number Sold to 118. Inventory levels remained fairly constant with total Active Listings declining 2%, to 218. Median Sale Price was virtually unchanged at $875,000, but Average Sale Price dropped 13% to 975,989. Overall, Sold Volume climbed 4% to $115,116,750. Properties sold, on average, for 97% of their last listed price.
San Roque
The third quarter of 2015 was very stable for San Roque. MLS statistics for Area 15 show a 3% increase in Total Active Listings to 314. The Number Sold climbed 7% to 113. Average Sale Price dropped 4% to $1,193,941, but Median Sale Price inched up 2% to $1,050,000. Overall, Sold Volume rose 2% to $134,915,394. Properties, on average, sold for 97% of their last list price. These statistics show a very balanced and healthy real estate market
Upper East
The third quarter of 2015 was very stable for the Upper East. MLS statistics for Area 15 show a 3% increase in Total Active Listings to 314. The Number Sold climbed 7% to 113. Average Sale Price dropped 4% to $1,193,941, but Median Sale Price inched up 2% to $1,050,000. Overall, Sold Volume rose 2% to $134,915,394. The largest sale in Area 15 was 2401 Garden Street for $4,140,000. Properties, on average, sold for 97% of their last list price. These statistics show a very balanced and healthy real estate market.
Santa Barbara/Goleta North
The third quarter of 2015 was stronger for Area 35 than for any other segment of our market. Total Active Listings rose 10% to 185 properties. That increase in inventory helped the Number Sold skyrocket 65% to 136. Average Sold Price was almost unchanged at $793,636, but Median Sold Price inched up 3% to $798,500. Overall, Sold Volume jumped 65% to $107,934,530. The market was so strong that, on average, properties sold for 99% of their last asking price.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
P.S. If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. I have sold more Montecito properties than any other agent – over $1 billion. Creative marketing, extensive advertising, and good old fashioned hard work get the best results in any market! During my 27 years selling real estate, I have also developed a strong network of other top Realtors around the U.S. and Canada. If you need real estate assistance outside our area, I can help you find an experienced agent! Please call me at (805) 565-4896 or email me at danencell@aol.com. All calls will be confidential.
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