1st Quarter 2020: 2019—The Year in Review
Nationwide
With a strong economy, low interest rates, and over 2 million job gains, 2019 was a strong year, nationwide, for real estate. Median Sales Price continued its impressive run of 93 straight months of year-over-year price gains, rising approximately 5.4% during 2019. There was still a shortage of available houses for sale, as Total Housing Inventory was down nearly 5.7% from 2018 levels. The lack of selection was not enough to slow the market down, however, as sales rose approximately 2.7% during 2019. According to the Chief Economist for the National Association of Realtors, This year we witnessed housing costs grow faster than income, but the expectation is for prices to settle at a more reasonable level in the coming year
Santa Barbara - South Coast
2019 was a fantastic year for real estate along the South Coast of Santa Barbara County. Sales, Average and Median Prices, and Sold Volume all improved. Unlike the nationwide trend which saw inventory levels decline, we enjoyed a healthy 10% increase in Total Active Listings. Improved selection of homes for sale resulted in a 6% rise in the Number Sold. Prices were strong as Average Sale Price jumped 14% to $1,619,578 and Median Sale Price climbed 6% to $1,075,000. On average, properties along the South Coast sold for 95% of their last list price a decline of 1% compared to 2018. Overall, Sold Volume skyrocketed 21% to $2,741,944,911 (over $2,100,000,000 was sold through BHHS!). The largest sale in 2019 was 10045 Calle Real the Las Varas Ranch, for $70,000,000. The year ended strong, and I expect to see that positive momentum continue, so look for sales and prices to continue to rise throughout the first quarter of 2020.
Montecito
2019 was a very strong year for Montecito real estate. Increased inventory led to improved sales and higher prices, particularly in the fourth quarter of the year. During 2019, Total Active Listings in Montecito jumped 76% to 343 properties. With greater selection of properties available, sales rose significantly, as the Number Sold skyrocketed 45% to 207. Average Sale Price bumped up 6% to $3,850,189. Median Sale Price jumped 18% to $2,966,662. On average, properties in Montecito sold for 92% of their last list price an increase of 1% compared to 2018. Overall, Sold Volume climbed an impressive 55% to $796,989,301. The largest sale in Montecito in 2019 was 2955 East Valley Road for $27,000,000. I am very bullish on the Montecito market going into 2020. I expect the strong momentum of the fourth quarter of 2019 to continue into 2020. Sales and prices should both rise in the first half of the year.
San Roque
Overall, activity in San Roque (MLS Area 15) was very stable during 2019. Inventory levels inched up as Total Active Listings increased 1% to 487 properties. Sales dropped slightly, as the Number Sold slipped 1% to 404 properties. Average Sale Price rose 1% to $1,365,267. Median Sale Price was flat, and nearly unchanged at $1,210,000. On average, properties in MLS Area 15 sold for 97% of their last list price unchanged from 2018. Overall, Sold Volume was similar to 2018, with $551,568,019 worth of property changing hands. The largest sale in San Roque was 3 Carrizo Drive for $2,495,000. Despite the lackluster statistics for 2019 as a whole, the fourth quarter finished very strong for MLS Area 15. I expect that strong momentum to continue on into the first quarter of 2020, so expect an increase in both sales and prices in early 2020.
Upper East
Overall, activity in the Upper East (MLS Area 15) was very stable during 2019. Inventory levels inched up as Total Active Listings increased 1% to 487 properties. Sales dropped slightly, as the Number Sold slipped 1% to 404 properties. Average Sale Price rose 1% to $1,365,267. Median Sale Price was flat, and nearly unchanged at $1,210,000. On average, properties in MLS Area 15 sold for 97% of their last list price unchanged from 2018. Overall, Sold Volume was similar to 2018, with $551,568,019 worth of property changing hands. The largest sale in the Upper East was 2030 Anacapa Street for $2,400,000. Despite the lackluster statistics for 2019 as a whole, the fourth quarter finished very strong for MLS Area 15. I expect that strong momentum to continue on into the first quarter of 2020, so expect an increase in both sales and prices in early 2020.
Riviera
Overall, activity on the Riviera (MLS Area 15) was very stable during 2019. Inventory levels inched up as Total Active Listings increased 1% to 487 properties. Sales dropped slightly, as the Number Sold slipped 1% to 404 properties. Average Sale Price rose 1% to $1,365,267. Median Sale Price was flat, and nearly unchanged at $1,210,000. On average, properties in MLS Area 15 sold for 97% of their last list price unchanged from 2018. Overall, Sold Volume was similar to 2018, with $551,568,019 worth of property changing hands. The largest sale on the Riviera was 2029 Las Tunas Road for $7,250,000. Despite the lackluster statistics for 2019 as a whole, the fourth quarter finished very strong for MLS Area 15. I expect that strong momentum to continue on into the first quarter of 2020, so expect an increase in both sales and prices in early 2020.
Mesa
Overall, activity on the Mesa (MLS Area 20) was very stable during 2019. Inventory levels were almost unchanged as Total Active Listings inched up 1% to 385 properties. Sales improved slightly as the Number Sold rose 1% to 344 properties. Average Sale Price was flat at $1,223,180, but Median Sale Price jumped 8% to $1,080,000. On average, properties in MLS Area 20 sold for 97% of their last list price a decline of 1% compared to 2018. Overall, Sold Volume rose 2% to $420,773,949. The largest sale on the Mesa during 2019 was 1547 Shoreline Drive for $6,275,000.
Samarkand
Overall, activity in Samarkand (MLS Area 20) was very stable during 2019. Inventory levels were almost unchanged as Total Active Listings inched up 1% to 385 properties. Sales improved slightly as the Number Sold rose 1% to 344 properties. Average Sale Price was flat at $1,223,180, but Median Sale Price jumped 8% to $1,080,000. On average, properties in MLS Area 20 sold for 97% of their last list price a decline of 1% compared to 2018. Overall, Sold Volume rose 2% to $420,773,949. The largest sale in Samarkand during 2019 was 3030 Samarkand Drive for $1,850,000.
Santa Barbara Foothills/Goleta North
2019 was an impressive year for the Santa Barbara Foothills/ Goleta North (MLS Area 35), as sales and prices both improved. Inventory levels increased a healthy 11% as Total Active Listings climbed to 373 properties. Sales followed selection, as the Number Sold rose 10% to 329. Average Sale Price jumped 10% to $1,036,862 and Median Sale Price bumped up 4% to $896,250. Overall, Sold Volume skyrocketed 22% to $341,127,650. On average, properties in MLS Area 35 sold for 98% of their last list price unchanged from 2018. The largest sale was 1070 Cieneguitas Road for $4,104,000.
Birnam Wood Golf Club
2019 was a very active year within Birnam Wood, with nine closed sales! The largest was 1908 Boundary Drive for $7,750,000. 2129 Forge Road sold for $3,083,999; 1976 Inverness Lane sold for $3,585,000; 462 Crocker Sperry Drive sold for $4,390,000; 456 Crocker Sperry Drive sold for $4,400,000; 2005 Birnam Wood Drive sold for $4,700,000; 540 McLean Lane sold for $5,000,000; 2060 Birnam Wood Drive sold for $5,995,000; and, 470 East Gate Lane sold for $6,000,000. There are currently three active listings in the MLS: 2029 Boundary Drive listed for $4,175,000; 2079 Birnam Wood Drive listed for $4,395,000; and, 1185 Fife Lane listed for $6,950,000.
Hope Ranch
Hope Ranch enjoyed a healthy increase in inventory during 2019 as Total Active Listings jumped 18% to 57 properties. Despite improved selection, sales were flat, as the Number Sold remained unchanged at 36 properties. Average Sale Price slipped 8% to $4,569,610. Median Sale Price dropped 21% to $3,000,000. On average, properties in Hope Ranch (MLS Area 25) sold for 94% of their last list price an increase of 1% compared to 2018. Overall, Sold Volume fell 8% to $164,505,984. The largest sale in Hope Ranch during 2019 was 4455 Via Bendita 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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