4th Quarter 2019
Nationwide
Fueled by a strong economy, and attractive interest rates, existing-home sales rose approximately 2 ½ % during the 3rd quarter of 2019. Median Sales Price increased over 4 ½ % compared to the same period in 2018. There have been 90 straight months of year-over-year median price gains! Inventory levels declined during the 3rd quarter. According to the National Association of Realtors Chief Economist, Sales are up, but inventory numbers remain low and are thereby pushing up home prices. Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income.
Santa Barbara - South Coast
The 3rd quarter of 2019 was strong for local real estate, as sales and prices both improved. Inventory levels rose substantially, as Total Active Listings jumped 47% to 1073. Increased selection led to a rise in sales as the Number Sold climbed 2% to 444. Prices were strong Average Sale Price improved 13% to $1,626,829 and Median Sale Price bumped up 10% to $1,069,990. Overall, Sold Volume rose 15% to $722,312,201. On average properties along the South Coast sold for 96% of their last list price an increase of 1% compared to a year ago. The largest sale during the 3rd quarter was 3443 Padaro Lane for $23,000,000.
Montecito
Montecito enjoyed a very active 3rd quarter. Improved selection led to a tremendous increase in sales. Total Active Listings jumped 169% to 272. With more choices, Buyers came out in droves as the Number Sold climbed 34% to 55. Prices were mixed Average Sale Price slipped 6% to $3,913,100 while Median Sale Price rose 15% to $3,274,264. Overall, Sold Volume skyrocketed 25% to $215,220,545. On average, properties in Montecito sold for 94% of their last list price an increase of 3% compared to last year. The largest sale in Montecito during the 3rd quarter was 815 Cima Del Mundo for $17,500,000. I anticipate the strong market to continue into the fourth quarter, so expect Montecito to finish 2019 on a positive trend.
Birnam Wood Golf Club
Activity was strong in Birnam Wood during the 3rd quarter of 2019. There were three sales: 2005 Birnam Wood Drive for $4,700,000; 2060 Birnam Wood Drive for $5,995,000; and, 470 East Gate Lane for $6,000,000. At the end of the 3rd quarter, there were four Active Listings in the MLS: 1988 Inverness Lane - $3,595,000; 540 McLean Lane - $5,295,000; 2049 Boundary Drive - $6,275,000; and, 1185 Fife Lane - $7,500,000. I expect the market in Birnam Wood to remain healthy into the new year.
San Roque
Despite a surge in inventory, sales declined sharply in the San Roque (MLS Area 15) during the 3rd quarter of 2019. Consistent with most areas along the South Coast, there was a sharp increase in inventory in the San Roque, as Total Active Listings rose 25% to 223. However, sales fell, as the Number Sold slipped 16% to 98 properties. Average Sale Price and Median Sale Price were almost unchanged at $1,307,203 and $1,187,500 respectively. Overall, Sold Volume dipped 16% to $128,105,950. On average, properties in the San Roque sold for 96% of their last list price unchanged from a year ago. The largest sale in San Roque during the 3rd quarter of 2019 was 246 Canon Drive for $2,100,000.
Upper East
Despite a surge in inventory, sales declined sharply in the Upper East (MLS Area 15) during the 3rd quarter of 2019. Consistent with most areas along the South Coast, there was a sharp increase in inventory in the Upper East, as Total Active Listings rose 25% to 223. However, sales fell, as the Number Sold slipped 16% to 98 properties. Average Sale Price and Median Sale Price were almost unchanged at $1,307,203 and $1,187,500 respectively. Overall, Sold Volume dipped 16% to $128,105,950. On average, properties in the Upper East sold for 96% of their last list price unchanged from a year ago. The largest sale in the Upper East during the 3rd quarter was 330 Junipero Plaza for $2,650,000.
Mesa
The Mesa (MLS Area 20) was one of the strongest sub-markets along the South Coast during the 3rd quarter of 2019. A healthy increase in selection led to improved sales and strong prices. Similar to most areas along the South Coast, inventory levels rose as Total Active Listings bumped up 23% to 173 properties. Improved selection led to increased sales as the Number Sold rose 10% to 102. Average Sale Price jumped 11% to $1,204,408. Median Sale Price was almost unchanged at $971,075. Overall, Sold Volume climbed 23% to $122,849,645. On average, properties on the Mesa sold for 98% of their last list price an increase of 1% compared to a year ago. The largest sale on the Mesa was 1600 Shoreline Drive for $2,110,000.
Samarkand
Samarkand (MLS Area 20) was one of the strongest sub-markets along the South Coast during the 3rd quarter of 2019. A healthy increase in selection led to improved sales and strong prices. Similar to most areas along the South Coast, inventory levels rose as Total Active Listings bumped up 23% to 173 properties. Improved selection led to increased sales as the Number Sold rose 10% to 102. Average Sale Price jumped 11% to $1,204,408. Median Sale Price was almost unchanged at $971,075. Overall, Sold Volume climbed 23% to $122,849,645. On average, properties in Samarkand sold for 98% of their last list price an increase of 1% compared to a year ago. The largest sale in Samarkand was 3030 Samarkand Drive for $1,850,000.
Santa Barbara Foothills/Goleta North
Activity was very strong and active in the Santa Barbara Foothills and Goleta North (MLS Area 35) during the 3rd quarter of 2019. Inventory levels saw a tremendous spike as Total Active Listings skyrocketed 50% to 166. The improved selection led to increased sales as the Number Sold jumped 20% to 90 properties. Prices rose as Average Sale Price climbed 22% to $1,120,531 and Median Sale Price bumped up 12% to $977,000. Overall, Sold Volume soared 47% to $100,847,817. On average, properties in MLS Area 35 sold for 98% of their last list price an increase in 1% compared to the same period last year. The largest sale in MLS Area 35 was 340 Calle Lippizana for $3,050,000.
Hope Ranch
Like Montecito, Hope Ranch saw a tremendous surge in inventory during the 3rd quarter, as Total Active Listings skyrocketed 110% to 40 properties. Unfortunately, the improved selection of homes for sale did not help sales as the Number Sold remained unchanged at 9. Prices were mixed Average Sale Price slid 30% to $3,587,523 while Median Sale Price bumped up 13% to $3,638,854. Overall, Sold Volume declined 30% to $32,287,708. On average, properties in Hope Ranch sold for 93% of their last list price that is a decline of 1% compared to the same time period last year. The largest sale in Hope Ranch during the 3rd period was 4163 Marina Drive for $6,625,000.
Sincerely,
Daniel Encell
Director, Estates Division
Berkshire Hathaway HomeServices
(805) 565-4896
P.S. Despite challenging market conditions, I closed 17 Montecito sales during 2018. That is more than 10% of all Montecito sales. If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. In 31 years, I have sold more Montecito properties than any other agent – over $1.5 billion in local sales. Creative marketing, extensive advertising, and good old fashioned hard work get the best results in any market! Please call me at (805) 565-4896 or email me at danencell@aol.com. All calls will be confidential.
P.S. If you are considering selling, you need a strong agent with precise market knowledge, and superior marketing, advertising, and negotiation skills. In 31 years, I have sold over $1.5 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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