3rd Quarter 2019
Nationwide
During the second quarter of 2019, the number of sales nationwide dropped slightly, but prices continued to rise. Buyers’ purchasing power was bolstered by falling mortgage interest rates. 30-year rates are hovering near 4%, which is more than 10% lower than they were in 2018. Inventory levels are up almost 3% from a year ago, but that is still low by historical standards. Median Home Price is up approximately 4.8% from this time last year. That makes 87 straight months of year-over-year price gains. According to the chief economist for the National Association of Realtors, “Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high”. Activity in the West Region was not as robust as other parts of the country – sales were down over 3% and the median price rose only 4.1%, compared to a year ago.
Santa Barbara - South Coast
There was a tremendous increase in inventory during the first half of 2019, as Total Active Listings jumped 28% over the same period last year. Improved selection led to a slight improvement in sales, as the Number Sold rose 2% to 806 properties. Prices were strong, in every MLS Area, as Average Sold Price climbed 15% to $1,620,127. Median Sale Price bumped up 4% to $1,067,250. Overall, Sold Volume jumped 17% to $1,305,822,256. On average, properties along the South Coast sold for 95% of their last list price – that is a decline of 1% compared to a year ago. The largest sale during the second quarter was 571 Sand Point Road in Carpinteria for $24,250,000.
Montecito
I am very pleased to report that the Montecito real estate market has bounced back since the tragedies of early 2018. Sales and prices both improved substantially during the first half of 2019. Total Active Listings were up 135% to 302. Improved selection resulted in a tremendous increase in sales as the Number Sold jumped 37% to 91. Average Sale Price climbed 7% to $3,713,903 and Media Sale Price rose 9% to $2,657,500. Overall, Sold Volume skyrocketed 47% to $337,965,239. On average, properties in Montecito sold for 92% of their last list price – unchanged from a year ago. The largest sale in Montecito during the second quarter of 2019 was 1803 Fernald Point Lane for $13,979,903.
Birnam Wood Golf Club
Activity was healthy in Birnam Wood Golf Club during the first half of 2019. There was a balanced ratio of inventory and sales. At the end of the first half of 2019, there were six Active MLS Listings ranging in price from $3,595,000 to $6,595,000. There were four closed sales during the first half of the year: 2129 Forge Road for $3,083,999; 1976 Inverness Lane for $3,585,000, 456 Crocker Sperry Drive for $4,400,000; and 1908 Boundary Drive for $7,750,000. I expect inventory, prices and sales to remain stable during the second half of the year.
San Roque
Inventory levels were almost unchanged during the first half of 2019 in San Roque (MLS Area 15), as Total Active Listings inched up from 320 to 322 homes. Sales were soft, as the Number Sold fell 9% to 194. Despite the decline in sales, Average Sale Price rose 4% to $1,408,410. Median Sale Price slipped 2% to $1,212,500. Overall, Sold Volume climbed 6% to $273,231,646. On average, properties in MLS Area 15 sold for 97% of their last list price – unchanged from a year ago. The largest sale in San Roque during the second quarter of 2019 was 3 Carrizo Drive for $2,495,000.
Upper East
Inventory levels were almost unchanged during the first half of 2019 in the Upper East (MLS Area 15), as Total Active Listings inched up from 320 to 322 homes. Sales were soft, as the Number Sold fell 9% to 194. Despite the decline in sales, Average Sale Price rose 4% to $1,408,410. Median Sale Price slipped 2% to $1,212,500. Overall, Sold Volume climbed 6% to $273,231,646. On average, properties in MLS Area 15 sold for 97% of their last list price – unchanged from a year ago. The largest sale in the Upper East during the second quarter of 2019 was 2005 Laguna Street for $1,825,000.
Mesa
Inventory levels rose 17% on the Mesa (MLS Area 20) during the first half of 2019 as Total Active Listings reached 262 homes. Despite the healthy increase in selection, sales were almost unchanged as the Number Sold inched up one sale to 164 homes. Prices rose, as Average Sale Price bumped up 1% to $1,227,499 and Median Sale Price climbed 15% to $1,095,000. Overall, Sold Volume increased 1% to $201,309,937. On average, properties in MLS Area 20 sold for 97% of their last list price – a decline of 1% compared to a year ago. The largest sale on the Mesa during the second quarter of 2019 was 1661 Shoreline Drive for $4,670,915.
Samarkand
Inventory levels rose 17% in Samarkand (MLS Area 20) during the first half of 2019 as Total Active Listings reached 262 homes. Despite the healthy increase in selection, sales were almost unchanged as the Number Sold inched up one sale to 164 homes. Prices rose, as Average Sale Price bumped up 1% to $1,227,499 and Median Sale Price climbed 15% to $1,095,000. Overall, Sold Volume increased 1% to $201,309,937. On average, properties in MLS Area 20 sold for 97% of their last list price – a decline of 1% compared to a year ago. The largest sale in Samarkand during the second quarter of 2019 was 505 Alegria Road for $1,432,500.
Santa Barbara Foothills/Goleta North
Activity in MLS Area 35 was fairly stable during the first half of 2019. Consistent with most of the South Coast, inventory levels increased as Total Active Listings rose 18% to 233 properties. Larger selection led to an increase in sales as the Number Sold inched up 2% to 151. Prices were strong, as Average Sale Price climbed 7% to $1,043,899. Median Price bumped up less than 1% to $872,500. Overall, Sold Volume jumped 10% to $157,628,858. On average, properties sold for 99% of their last list price – unchanged from a year ago. The largest sale in MLS Area 35 during the first half of 2019 was 1150 Via Del Rey for $3,000,000.
Hope Ranch
Activity was mixed in Hope Ranch during the first half of 2019. Inventory levels skyrocketed, yet sales declined. Total Active Listings rose 62% to 52 properties. Despite the tremendous increase in selection, the Number Sold fell 4% as 21 homes sold. Average Sale Price rose 4% to $5,160,364. Median Sale Price slipped 13% to $3,200,000. Overall, Sold Volume was almost unchanged at $108,367,651. On average, homes in Hope Ranch sold for 94% of their last list price – that is an increase of 3% compared to the same time last year. The largest sale in Hope Ranch during the second quarter of 2019 was 4475 Via Abrigada for $10,500,000.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
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