2nd Quarter 2019
Nationwide
The biggest news during the first quarter of 2019 was a significant drop in mortgage interest rates. This has created a surge of activity. According to the chief economist for the National Association of Realtors, “A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” Total Housing Inventory is up nearly 3% compared to a year ago, and Median Sale Price is up approximately 3.5%.
Santa Barbara - South Coast
Overall, activity was positive along the South Coast during the first quarter of 2019. Inventory levels increased, as Total Active Listings climbed 12% to 1088 properties. Improved selection led to improved sales as the Number Sold rose 7% to 340. Prices were mixed, as Average Sale Price bumped up 7% to $1,611,485 while Median Sale Price inched down 1% to $1,040,000. Total Sold Volume jumped 14% to $547,904,922. On average, properties along the South Coast sold for 95% of their last list price – a decline of 1% compared to the same time last year. The largest sale was the coastal Las Varas Ranch for $70,000,000.
Montecito
Similar to the rest of the South Coast, inventory levels in Montecito rose about 14% to 215 Total Active Listings. Despite improved selection, sales faltered as the Number Sold fell 12% to 28 properties. I feel that this was largely due to the excessively rainy January/ February and I expect sales to bounce back strong during the second quarter. Average Sale Price climbed 13% to $4,217,857 and Median Sale Price was almost unchanged at $2,480,000. Overall, Sold Volume was almost identical to the same time last year at $118,100,000. On average, properties in Montecito sold for 89% of their last list price – a decline of 1% compared to last year. The largest sale in Montecito during the first quarter was 2955 East Valley Road for $27,000,000.
San Roque
Activity in San Roque (MLS Area 15) was surprisingly soft during the first quarter of 2019. Despite Total Active Listings rising a healthy 6% to 252 properties, the Number Sold fell 7% to 80 sales. Average Sale Price rose a modest 2% to $1,460,094, and Median Sale Price slipped 5% to $1,187,445. Overall, Sold Volume dropped 4% to $116,807,574. On average, properties in MLS Area 15 sold for 97% of their last list price – a decline of 1% compared to a year ago. The largest sale in San Roque was 3054 Calle Noguera for $1,287,000.
Upper East
Activity in the Upper East (MLS Area 15) was surprisingly soft during the first quarter of 2019. Despite Total Active Listings rising a healthy 6% to 252 properties, the Number Sold fell 7% to 80 sales. Average Sale Price rose a modest 2% to $1,460,094, and Median Sale Price slipped 5% to $1,187,445. Overall, Sold Volume dropped 4% to $116,807,574. On average, properties in MLS Area 15 sold for 97% of their last list price – a decline of 1% compared to a year ago. The largest sale in the Upper East was 2424 Anacapa Street for $1,700,000.
Mesa
The Mesa (MLS Area 20) was one of the strongest segments of the market along the South Coast during the first quarter of 2019. Inventory levels soared, as Total Active Listings rose 25% to 205 properties. Improved selection led to an increase in sales, as the Number Sold climbed 10% to 73. Prices were strong, as Average Sale Price jumped 12% to $1,293,512 and Median Sale Price skyrocketed 21% to $1,132,500. Overall, Sold Volume escalated 23% to $94,426,440. On average, properties in MLS Area 20 sold for 96% of their last list price – a decline of 2% compared to the same times last year. The largest sale on the Mesa during the first quarter was 1547 Shoreline Drive for $6,275,000.
Samarkand
Samarkand (MLS Area 20) was one of the strongest segments of the market along the South Coast during the first quarter of 2019. Inventory levels soared, as Total Active Listings rose 25% to 205 properties. Improved selection led to an increase in sales, as the Number Sold climbed 10% to 73. Prices were strong, as Average Sale Price jumped 12% to $1,293,512 and Median Sale Price skyrocketed 21% to $1,132,500. Overall, Sold Volume escalated 23% to $94,426,440. On average, properties in MLS Area 20 sold for 96% of their last list price – a decline of 2% compared to the same times last year. The largest sale in Samarkand during the first quarter was 2616 Clinton Terrance for $1,080,000.
Santa Barbara Foothills/Goleta North
Activity was very stable in the Santa Barbara Foothills/ Goleta North (MLS Area 35) during the first quarter of 2019. Inventory levels rose a healthy 6% as Total Active Listings climbed to 162 properties. Improved Selection led to increased sales as the Number Sold rose 6% to 68. Prices were flat as Average Sale Price was unchanged at $917,736 and Median Sale Price inched up 1% to $840,000. Overall, Sold Volume improved 6% to $62,406,076. On average, properties in MLS Area 35 sold for 95% of their last list price – a decline of 1% compared to the same time last year. The largest sale in MLS Area 35 during the first quarter of 2019 was 4574 Serenity Lane for $2,777,775.
Hope Ranch
Activity was mixed in Hope Ranch during the first quarter of 2019. Inventory levels dropped sharply, as Total Active Listings fell 27% to 34 properties. Reduced selection led to a decline in sales as the Number Sold slipped 35% as just 9 homes sold. Despite sluggish sales, prices were strong as both Average Sale Price and Median Sale Price posted healthy gains. Overall, Sold Volume inched down 1% to $57,822,000. On average, properties in Hope Ranch sold for 96% of their last list price – an improvement of 4% compared to the same time last year. There were two very large sales in Hope Ranch during the first quarter of 2019. 4160 La Ladera Road sold for $14,800,000 and 4445/4455 Via Bendita sold for $16,438,000.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
P.S. Despite challenging market conditions, I closed 17 Montecito sales during 2018. That is more than 10% of all Montecito sales. If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. In 31 years, I have sold more Montecito properties than any other agent – over $1.5 billion in local sales. Creative marketing, extensive advertising, and good old fashioned hard work get the best results in any market! Please call me at (805) 565-4896 or email me at danencell@aol.com. All calls will be confidential.
P.S. If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. In 31 years, I have sold over $1.5 billion in local real estate. Creative marketing, extensive advertising, and good old-fashioned hard work get the best results in any market! If you need real estate assistance, I can help you. Please call me at (805) 565-4896 or email me at danencell@aol.com. All calls will be confidential.
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