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I truly believe the most successful home Buyer or Seller is a knowledgeable one. Here I have gathered a wealth of information on both the local and national real estate markets and encourage all of my clients, both current and prospective, to familiarize themselves with the state of the industry.

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ARCHIVES:
Dan is consistently hailed as one of the foremost authorities on Santa Barbara Real Estate, and he lends this knowledge to both his clients and existing and potential residents of the area. Each year Dan tracks the housing markets of Santa Barbara (including activity in Montecito, Hope Ranch, and Goleta), and compares the data on a month-to-month, seasonal, and yearly basis. The result is sound pattern recognition of the area's housing trends, which Buyers and Sellers alike find invaluable when considering their real estate options. Look to Dan's Quarterly Real Estate Updates to better understand the dynamic Santa Barbara housing market by visiting our our "Archives" where we have catalogued his Updates since 1995.

ARTICLES:
To maintain his expertise on the current Real Estate market as a whole, Dan understands the need to pay close attention to both local and national press on the subject. Given the importance the housing market has in the overall economy there has been a lot of press coverage as of late. To view a selection of articles regarding the health of Real Estate in Santa Barbara and our nation, view our "Articles" page.

SPOTLIGHT:
For years Dan has been selected to write for the California Economic Project, and lends his expertise of Santa Barbara Real Estate to their "Economic Forecast" which summarizes the previous year and offers predictions for the flow of the market throughout the upcoming year. He is also commonly requested to provide comments and insight into our local market by the press. Please visit our "In The Spotlight" page to view articles and newscasts that feature Dan's recommendations for Buyers and Sellers in the Santa Barbara area.

Daniel Encell’s
Quarterly Real Estate Update
2nd Quarter 2020

Nationwide
Prior to the COVID-19 pandemic hitting the U.S., the real estate market was going full steam ahead. Fueled by a strong economy, and low mortgage interest rates, sales were up approximately 7% compared to a year ago. Prices were also strong, as the Median Sales Price, increased 8%. Then, almost overnight, the strong market was derailed. Mortgage interest rates rose significantly, the stock market declined sharply, and “shelter in place”¯ orders made showing real estate extremely challenging. The effects of these drastic changes will start to show up in the next quarterly update.

Santa Barbara - South Coast
The impact of the COVID-19 pandemic is clearly not fully realized in the first quarter statistics, as the majority of the quarter was not affected. Along the South Coast, inventory levels rose, as Total Active Listings climbed 5% to 737. Sales were almost unchanged as the Number Sold inched down 1% to 338. Prices were mixed, as Average Sale Price slipped 8% to $1,489,189, while Median Sale Price jumped 9% to $1,120,000. Overall, Sold Volume fell 9% to $503,345,999. On average, properties sold for 95% of their last list price – unchanged from a year ago. The largest sale during the first quarter was 3511 Sea Ledge Lane for $8,300,000.

Montecito
Montecito experienced the largest surge in inventory of all communities along the South Coast, as Total Active Listings increased 67% to 173 properties. Improved selection led to strong sales, as the Number Sold jumped 58% to 46. Prices were mixed – Average Sale Price fell 25% to $3,097,587 while Median Sale Price rose 5% to $2,625,000. Overall, Sold Volume climbed 17% to $142,489,016. On average, properties in Montecito sold for 91% of their last list price – an increase of 2% compared to a year ago. The largest sale in Montecito during the first quarter of 2020 was my listing at 1237 East Mountain Drive for $7,550,000.

Going forward, we will likely see some competing factors influencing our real estate market. Overall, there will be less wealth in the world than there was prior to the onset of COVID-19. Some property owners will suffer financial hardships and make the decision to sell. However, we should also see an influx of Buyers from larger cities seeking the wonderful, semi-rural, lifestyle that Montecito has to offer.

San Roque
San Roque (MLS Area 15) was the most stable of all Santa Barbara neighborhoods during the first quarter of 2020. Inventory levels rose a healthy 10% as Total Active Listings increased to 182. The improved selection led to an increase in sales as the Number Sold climbed 2% to 83. Average Sale Price slid 3% to $1,401,322 and Median Sale Price was nearly unchanged at $1,177,000. Overall, Sold Volume slipped slightly to $116,309,801. 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 was 212 Canon Drive for $2,570,000.

Upper East
The Upper East (MLS Area 15) was the most stable of all Santa Barbara neighborhoods during the first quarter of 2020. Inventory levels rose a healthy 10% as Total Active Listings increased to 182. The improved selection led to an increase in sales as the Number Sold climbed 2% to 83. Average Sale Price slid 3% to $1,401,322 and Median Sale Price was nearly unchanged at $1,177,000. Overall, Sold Volume slipped slightly to $116,309,801. 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 was 2444 Santa Barbara Street for $1,940,000.

Riviera
The Riviera (MLS Area 15) was the most stable of all Santa Barbara neighborhoods during the first quarter of 2020. Inventory levels rose a healthy 10% as Total Active Listings increased to 182. The improved selection led to an increase in sales as the Number Sold climbed 2% to 83. Average Sale Price slid 3% to $1,401,322 and Median Sale Price was nearly unchanged at $1,177,000. Overall, Sold Volume slipped slightly to $116,309,801. On average, properties in MLS Area 15 sold for 97% of their last list price – unchanged from a year ago. The largest sale on the Riviera was 1830 Mission Ridge Road for $3,450,000.

Mesa
Despite a significant reduction in inventory, sales were stable on the Mesa (MLS Area 20) during the first quarter of 2020. Total Active Listings fell 17% to 115. The Number Sold inched down 1% to 72. Average Sale Price dropped 6% to $1,205,791 and Median Sale Price slipped 2% to $1,093,500. Overall, Sold Volume in MLS Area 20 declined 8% to $86,816,995. On average, properties sold for 97% of their last list price – an increase of 1% compared to the same period last year. The largest sale on the Mesa was a vacant lot at 1553 Shoreline Drive for $3,000,000.

Samarkand
Despite a significant reduction in inventory, sales were stable in Samarkand (MLS Area 20) during the first quarter of 2020. Total Active Listings fell 17% to 115. The Number Sold inched down 1% to 72. Average Sale Price dropped 6% to $1,205,791 and Median Sale Price slipped 2% to $1,093,500. Overall, Sold Volume in MLS Area 20 declined 8% to $86,816,995. On average, properties sold for 97% of their last list price – an increase of 1% compared to the same period last year. The largest sale in Samarkand was 2932 Hermosa Road for $1,825,000.

Santa Barbara Foothills/Goleta North
Activity in the Santa Barbara Foothills/Goleta North (MLS Area 35) was mixed during the first quarter of 2020. Inventory levels declined as Total Active Listings fell 10% to 105. Reduced selection led to fewer sales, as the Number Sold dropped 16% to 57. Despite the decline in sales, prices were strong as Average Sale Price jumped 23% to $1,136,577 and Median Sale Price rose 10% to $920,000. Overall, Sold Volume climbed 3% to $64,784,918. On average, properties in MLS Area 35 sold for 95% of their last list price – a decline of 3% compared to the same period last year. The largest sale was 1266 San Antonio Creek Road for $2,060,000.

Hope Ranch
Although inventory levels in MLS Area 25 increased during the first quarter, the improved selection did not help sales. Total Active Listings climbed 16% to 28. However, the Number Sold fell 44% as only 5 properties traded in MLS Area 25. Average Sale Price slipped 36% to $4,076,865 and Median Sale Price dropped 10% to $3,900,000. Overall, Sold Volume declined 64% to $20,384,325. On average, properties in Hope Ranch sold for 95% of their last list price – a drop of 1% compared to a year ago. The largest sale in Hope Ranch during the first quarter was 4045 Marina Drive for $5,989,325.

Sincerely,

Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
danencell@aol.com



   
 

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