3rd Quarter 2018
Nationwide
Nationwide, prices increased while sales declined during the first half of 2018. Housing inventory levels were the biggest obstacle to sales – the number of homes for sale was more than 6% lower than a year ago. Total housing inventory has fallen, year-over-year, for 36 consecutive months. The lack of supply, combined with significantly higher interest rates and increased prices, led to a 3% reduction in sales compared to a year ago. Despite the decline in sales, prices rose to an all-time high. The median home price, $264,800, is up almost 5% over last year. Home prices have increased, year-over-year, for 75 straight months.
Santa Barbara - South Coast
Inventory levels increased in every community along the South Coast during the first half of 2018, as Total Active Listings jumped 25% to 1478. Despite the improved selection, sales dwindled, as the Number Sold fell 7% to 786. Prices were stable, as Average Sale Price inched up 1% to $1,413,021, and Median Sale Price climbed 4% to $1,023,000. Overall, Sold Volume slid 7% to $1,110,634,651. On average, properties along the South Coast sold for 96% of their last list price – unchanged from a year ago. The largest sale during the first half of 2018 was in Montecito – 1627 East Valley Road for $35,000,000.
Montecito
The tragic fire and debris flows in December and January had an impact on the real estate market in Montecito during the first half of 2018. Similar to the rest of the South Coast, inventory levels rose, as Total Active Listings climbed 27% to 211. Lack of access to many parts of the Montecito community during much of January and February, as well as overall uncertainty, led to a significant drop of 28% in the Number Sold to 66 properties. Despite the decline in sales, Average Sold Price was almost unchanged at $3,461,729, thanks to healthy activity in the higher-end estate market. There have already been more sales above $9 million in Montecito during the first half of 2018 than there were in all of 2017. Overall, Sold Volume fell 29% to $228,474,122. On average, properties in Montecito sold for 92% of their last list price – unchanged from a year ago.
Birnam Wood Golf Club
Similar to last year, there are presently only four MLS Active Listings in Birnam Wood: 2129 Forge Road - $3,395,000; 2085 Birnam Wood Drive - $5,450,000; 540 McLean Lane - $5,950,000, and 1908 Boundary Drive - $8,499,000. My Listing at 534 Las Fuentes Drive was the only sale in Birnam Wood during the first half of 2018 – it sold for $4,750,000.
San Roque / Upper East
Other than a rise in inventory, the market in the Upper East/San Roque (MLS Area 15) was very similar to the same time period a year ago. Despite the improved selection, the Number Sold was virtually unchanged at 213 properties. Average Sale Price held almost constant at $1,355,259, while Median Sale Price inched up 3% to $1,245,840. Overall, Sold Volume slid 1% to $288,670,367. On average, properties in the Upper East/ San Roque sold for 97% of their last list price – unchanged from a year ago. The largest sale in the Upper East during the first half of 2018 was 504 East Valerio Street for $3,025,000. The largest sale in San Roque during the first half of 2018 was 3018 Paseo Tranquillo for $2,383,333.
Mesa/ Samarkand
The Mesa/Samarkand (MLS Area 20) saw inventory levels increase 15% during the first half of 2018, as Total Active Listings rose to 268. Despite the increased selection, sales fell, as the Number Sold slid 2% to 162. Prices were strong, as Average Sale Price jumped 13% to $1,207,836, and Median Sale Price inched up 1% to $943,000. Overall, Sold Volume climbed 10% to $195,669,505. On average, properties on the Mesa/Samarkand sold for 98% of their last list price – an increase of 1% compared to a year ago. The largest sale on the Mesa during the first half of 2018 was 1611 Shoreline Drive for $3,870,000. The largest sale in Samarkand during the first half of 2018 was 406 Stanley Drive for $1,600,000.
Santa Barbara/Goleta North
Activity in the Santa Barbara Foothills, and Goleta North (MLS Area 35) was mixed during the first half of 2018. Sales slowed despite an increase in inventory. Active Listings rose 19%, while the Number Sold slipped 4%. Average Sale Price declined 3% to $971,626. Median Sale Price improved 3% to $865,000. Overall, Sold Volume fell 8% to $142,829,040. On average, properties in MLS Area 35 sold for 99% of their last asking price – that is an increase of 4% compared to a year ago. The largest sale in MLS Area 35 during the first half of 2018 was 1040 Cambridge Drive for $2,350,000.
Hope Ranch
After several years of low inventory levels and sluggish sales, the Hope Ranch market (MLS Area 25) turned the corner in the first half of 2018. Inventory levels climbed, as Total Active Listings jumped 92% to 50 properties. Improved selection led to increased sales, as the Number Sold climbed 37% to 22. Median and Average Sale Price both enjoyed solid gains to $3,645,000 and $4,947,940 respectively. Overall, Sold Volume skyrocketed 147% to $108,854,700. On average, properties in Hope Ranch sold for 91% of their last list price – a decline of 3% compared to a year ago. The largest sale in Hope Ranch during the first half of 2018 was 1520 Roble Drive for $16,778,000.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
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