3rd Quarter 2015
The national real estate market remained vibrant during the first half of 2015. Fueled by a strong economy, solid job growth, and attractive financing options, home sales reached their strongest pace in six years. Interest rates remain very attractive – below 4%. Overall supply of homes offered for sale remains tight, and values are rising with many markets experiencing double-digit appreciation. The total number of sales to international Buyers decreased from 2014, with the majority of foreign Buyers now coming from China.
Santa Barbara- South Coast
Good news for local homeowners – home values are rising! Santa Barbara County was one of the hottest real estate markets in California during the first half of 2015. All areas along the South Coast experienced a rise in both Number Sold and Sold Volume.
Inventory levels saw a much-needed increase, as Total Active Listings increased 9% to 1864. The Number Sold rose 20% to 978. While Median Sale Price remained almost unchanged at $876,500, Average Sale Price climbed 6% to $1,481,085. Sold Volume jumped 27% to $1,448,500,953.
Although the second quarter of 2015 did not continue the red-hot pace of the first quarter, statistics for the first half of the year are still impressive. Inventory levels declined slightly, as Total Active Listings fell to 338. The Number Sold rose 9% to 121. Median Sale Price climbed 10% to $2,950,000, and Average Sale Price skyrocketed 15% to $3,926,311! Overall Sold Volume jumped 25% to $475,083,691. There have been two sales above $20 million already in 2015.
Birnam Wood Golf Club
Sales activity in Birnam Wood was good in the first half of 2015 – there were ten Closed Sales: 2075 Birnam Wood Dr., $2,925,000; 467 Crocker Sperry Dr., $2,950,000; 2019 Boundary Dr., $3,195,000; 1992 Inverness Dr., $3,550,000; 1950 Boundary Dr., $3,750,000; 470 Eastgate Ln., $4,500,000; 511 Las Fuentes Dr., $5,490,440; 1969 Boundary Dr., $6,000,000; 1917 Boundary Dr., $7,000,000; and 2080 Birnam Wood Dr., $10,700,000.
We need more inventory! There are only two Active Listings in Birnam Wood: 2059 Birnam Wood Dr., $2,800,000; and 1987 Birnam Wood Dr., $5,590,000. There are plenty of Buyers who would love to be in Birnam Wood – we just need more houses for them to choose from.
The first half of 2015 was strong for the Mesa. MLS statistics for Area 20 (West of State St.) show an increase of 16% in Number Sold to 201 properties. While Median Sale Price declined slightly to $825,000, Average Sale Price climbed 11% to $1,081,136. There was a healthy increase in inventory, as Total Active Listings increased 13% to 337.
The first half of 2015 was strong for Samarkand. MLS statistics for Area 20 (West of State St.) show an increase of 16% in Number Sold to 201 properties. While Median Sale Price declined slightly to $825,000, Average Sale Price climbed 11% to $1,081,136. There was a healthy increase in inventory, as Total Active Listings increased 13% to 337.
The first half of 2015 has been very healthy for the San Roque area. MLS statistics for Area 15 (East of State) show positive market conditions across the board. Total Active Listings increased by 8%, and the Number Sold rose 16% to 239. Median Sale Price climbed 5% to $1,150,000, while Average Sale Price inched up 3% to $1,319,278. Overall Sold Volume jumped 20% to $315,307,677! We are selling properties faster than new listings are coming available, leaving us with an inventory shortage. Sellers are enjoying a strong market.
Santa Barbara/Goleta North
MLS Area 35 incorporates the areas of Santa Barbara and Goleta West of Highway 154, and North of the 101. The first half of 2015 was positive for this very desirable area. Total Active Listings increased 9% to 274. Number Sold inched up 2% to 157. Sold Volume rose a healthy 7% to $125,636,596. Average Sale Price climbed 4% and is now above $800,000. Median Sale Price jumped 7% to $749,000. The market has been very predictable, with properties selling on average for 98% of their list price.
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 email@example.com. All calls will be confidential.
Director, Estates Division
Berkshire Hathaway HomeServices