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Daniel Encell's
Quarterly Real Estate Update
~ Archives ~

1st Quarter 2017

2016 in Review - Nationwide
Along the South Coast, 2016 saw relatively stable prices despite a decline in sales. Inventory levels were nearly unchanged with 3,030 Total Active Listings. Sales dropped 10% as the Number Sold fell to 1,749. Average Sale Price slipped 2% to $1,367,122. Median Sale Price climbed 6% to $940,000. The decline in sales and prices led to Sold Volume falling 12% to $2,391,096,799. On average, properties sold for 96% of their last asking price.

2016 in Review – South Coast
Along the South Coast, 2016 saw relatively stable prices despite a decline in sales. Inventory levels were nearly unchanged with 3,030 Total Active Listings. Sales dropped 10% as the Number Sold fell to 1,749. Average Sale Price slipped 2% to $1,367,122. Median Sale Price climbed 6% to $940,000. The decline in sales and prices led to Sold Volume falling 12% to $2,391,096,799. On average, properties sold for 96% of their last asking price.

4th Quarter 2016 – South Coast
While many parts of the country saw sales hampered by supply shortages, inventory levels locally jumped 21%, as Total Active Listings increased to 1,173. Despite the improved selection, the Number Sold increased only 4% to 416 sales. Average Sale Price slipped 10% to $1,254,198, while Median Sale Price inched up 1% to $910,000. This is a sharp contrast to 2015, when both Average and Median Sale Price posted double-digit gains in the 4th Quarter. Overall, Sold Volume fell 7% to $521,746,445. On average, properties sold for 96% of their last asking price.

4th Quarter - Montecito
The 4th Quarter showed mixed results for Montecito: Inventory levels increased a healthy 6%, as Total Active Listings climbed to 247. However, despite improved selection, the Number Sold dropped 12% to 42. Average Sale Price fell 12% to $3,001,500, and Median Sale Price rose 5% to $2,667,500. The combination of declines in both Number Sold and Average Sale Price, led to a 23% decrease in Sold Volume to $126,063,537. On average, Montecito properties sold for 95% of their last asking price.

2016 in Review - Montecito
For Montecito, 2016 saw relatively stable sales volume, but declining prices. Inventory levels rose 3% as Total Active Listings increased to 531 homes offered for sale. The Number Sold inched up 1% to 219. Average Sale Price fell 11% to $3,391,134 (there were only five sales above $10MM in Montecito in 2016, compared to 12 sales above $10MM in 2015). Median Sale Price slid 4% to $2,600,000. Total Sold Volume decreased 9% to $742,658,382. On average, Montecito properties sold for 94% of their last asking price in 2016.

Birnam Wood Golf Club
Strong Buyer demand and a very limited supply continues to describe market conditions in Birnam Wood. Despite healthy inventory levels in the rest of Montecito, there is currently only one Active Listing in Birnam Wood: 511 Las Fuentes – listed at $5,495,000.

Due to a significant lack of supply, there were only six homes that sold in 2016, a decrease of 57% compared to the fourteen sales in 2015: 457 Crocker Sperry Drive - $3,000,000; 1988 Inverness Lane - $3,100,000; 2020 Birnam Wood Drive - $4,200,000; 1175 Fife Lane - $4,300,000; 1987 Birnam Wood Drive - $5,050,000; 1160 Fife Lane - $5,895,000.

The Birnam Wood Median Sale Price was $4,250,000 - an increase of 3% compared to 2015, and the Average Sale Price was $4,257,500 – a decrease of 13%.

San Roque
The San Roque area (MLS Area 15) was the strongest segment of the market along the South Coast for the 4th Quarter of 2016. Inventory levels rose a healthy 14%, as Total Active Listings increased to 280. The Number Sold rose 23% to 116. Average Sale Price inched up 2% to $1,224,176. Median Sale Price rose 4% to $1,060,000. Sold Volume posted an impressive 25% gain to $142,004,448 (even beating Montecito’s $126,063,537). On average, properties in San Roque sold for 96% of their last asking price.

Upper East
The Upper East area (MLS Area 15) was the strongest segment of the market along the South Coast for the 4th Quarter of 2016. Inventory levels rose a healthy 14%, as Total Active Listings increased to 280. The Number Sold rose 23% to 116. Average Sale Price inched up 2% to $1,224,176. Median Sale Price rose 4% to $1,060,000. Sold Volume posted an impressive 25% gain to $142,004,448 (even beating Montecito’s $126,063,537). On average, properties in the Upper East sold for 96% of their last asking price.

Mesa
The Mesa area (MLS Area 20) was one of the strongest segments of the market along the South Coast during the 4th Quarter of 2016. Inventory levels rose a healthy 14%, as Total Active Listings increased to 203. The Number Sold rose 10% to 84. Average Sale Price increased 6% to $1,122,197, and Median Sale Price rose 7% to $999,000. Sold Volume posted an impressive 18% gain to $94,264,604. On average, properties in the Mesa sold for 96% of their last asking price.

Samarkand
The Samarkand area (MLS Area 20) was one of the strongest segments of the market along the South Coast during the 4th Quarter of 2016. Inventory levels rose a healthy 14%, as Total Active Listings increased to 203. The Number Sold rose 10% to 84. Average Sale Price increased 6% to $1,122,197, and Median Sale Price rose 7% to $999,000. Sold Volume posted an impressive 18% gain to $94,264,604. On average, properties in Samarkand sold for 96% of their last asking price.

Santa Barbara/Goleta North
The 4th Quarter had very mixed results for the areas in the Santa Barbara foothills and Goleta North, known as MLS Area 35. Total Active Listings increased 17% to 150. Despite the healthy increase in inventory levels, the Number Sold declined 20% to 69. Average Sale Price improved 5% to $864,731, and Median Sale Price inched up 2% to $799,900. Sold Volume fell 16% to $59,666,500. Overall, properties in the Santa Barbara foothills/Goleta North sold for 97% of their last asking price.

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.
 

Copyright Dan Encell