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Daniel Encell's
Quarterly Real Estate Update
~ Archives ~

3rd Quarter 2016

Nationwide
The national real estate market is going strong. During the first half of 2016, existing home sales hit their highest pace in almost a decade, despite inventory levels declining about 5.5%. Mortgage rates remain very attractive, hovering near three-year lows. The combination of strong Buyer demand, and tight inventory, pushed Median Sale Price to an all-time high. (Median Sale Price in our area peaked at $980,00 in 2006.)

Santa Barbara - South Coast
Compared to the first half of 2015, inventory levels remained relatively constant during the first half of 2016, as Total Active Listings inched down 2% to 1,840. Despite almost unchanged inventory, the Number Sold fell 15% to 844, as sales declined in every community along the South Coast. Average Sale Price slid 3% to $1,422,751, while Median Sale Price bumped up a healthy 7% to $936,175. Sold Volume dropped 17% to $1,217,681,693. On average, properties sold for 96% of their last asking price exactly the same as a year ago.

Montecito
Montecito was arguably one of the strongest segments of the local market during the first half of 2016. Inventory levels rose 7% to 363. The Number Sold dipped 4% to 117. There was a modest decline in prices, as Average Sale Price dropped 4% to $3,794,976 while Median Sale Price was almost unchanged at $2,945,000. Sold Volume slipped 8% to $444,012,209. On average, properties sold for 94% of their last list price that is up 1% compared to a year ago. The largest sale so far this year was my listing at 380 Santa Rosa Road for $28,850,000.

Birnam Wood
Lack of inventory continues to be a problem in Birnam Wood. There are currently only three Active Listings in Birnam Wood. There have only been two Closed Sales so far in 2016: 1175 Fife Lane, $4,300,000; and 1160 Fife Lane, $5,895,000. There is one Pending Sale: 1988 Inverness Lane listed at $3,250,000. There seems to be plenty of demand to be inside the gates at Birnam Wood we just need more selection of homes for sale.

Mesa
Inventory levels remained relatively constant in the Mesa (MLS Area 20) with Total Active Listings down 2% to 330. However, sales activity dropped sharply. The Number Sold fell 26% to 150. Despite the fall in sales, prices held firm, as Average Sale Price inched down to less than 1% to $1,068,608 and Median Sale Price rise 11% $910,500. Sold Volume declined 26% to $160,291,318. On average, properties sold for 97% of their last listed price the same as last year.

San Roque
The San Roque area (MLS Area 15) remained relatively stable during the first half of 2016. Total Active Listings rose 2% to 488. The Number Sold inched down 2% to 235. Prices declined slightly, as Average Sale Price slid 3% to $1,270,478, and Median Sale Price fell 2% to $1,125,000. On average, properties in the San Roque area sold for 97% of their last list price - that is up 1% from a year ago.

Upper East
The Upper East (MLS Area 15) remained relatively stable during the first half of 2016. Total Active Listings rose 2% to 488. The Number Sold inched down 2% to 235. Prices declined slightly, as Average Sale Price slid 3% to $1,270,478, and Median Sale Price fell 2% to $1,125,000. On average, properties in the Upper East sold for 97% of their last list price - that is up 1% from a year ago.

Samarkand
Inventory levels remained relatively constant in Samarkand (MLS Area 20) with Total Active Listings down 2% to 330. However, sales activity dropped sharply. The Number Sold fell 26% to 150. Despite the fall in sales, prices held firm, as Average Sale Price inched down to less than 1% to $1,068,608 and Median Sale Price rise 11% $910,500. Sold Volume declined 26% to $160,291,318. On average, properties sold for 97% of their last listed price the same as last year.

Hope Ranch
Although inventory levels remained constant in Hope Ranch during the first half of 2016, sales activity and prices declined. Total Active Listings was unchanged at 47. However, the Number Sold fell 43% to 13. Median Sale Price dipped only slightly to $2,900,000, but Average Sale Price slid 12% to $3,466,923. Overall, Sold Volume dropped 50% to $45,070,000. Sales ranged from a low of $1,580,000 to a high of $6,300,000.

Santa Barbara/Goleta North
MLS Area 35 is normally a stable, consistent market. However, the first half of 2016 was a very mixed bag sales activity was way off, but prices held up well. Total Active Listings slipped 12% to 240. The Number Sold fell 15% to 135. However, Area 35 was one of the few areas along the South Coast where both median and average sale price rose. Average Sale Price bumped up 3% to $824,636, and Median Sale Price climbed 2% to $760,000. Overall, Sold Volume declined 12% to $111,325,950. On average, properties sold for 98% of their last list price exactly the same as a year ago.

Sincerely,

Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896

If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. In 27 years, I have sold over $1 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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