I truly believe the most successful home Buyer or Seller is a knowledgeable one. Here I have gathered a wealth of information on both the local and national real estate markets and encourage all of my clients, both current and prospective, to familiarize themselves with the state of the industry.
- All Montecito Sales
- Over $1,000,000 Sales
- All Sales
- Land Sales
- Real Estate Market Archives
- Informative Articles
- In the Spotlight
MONTECITO & HOPE RANCH SALES IN 2009:
A list of properties sold in both Hope Ranch & Montecito so far in 2009.
Dan is consistently hailed as one of the foremost authorities on Santa Barbara Real Estate, and he lends this knowledge to both his clients and existing and potential residents of the area. Each year Dan tracks the housing markets of Santa Barbara (including activity in Montecito, Hope Ranch, and Goleta), and compares the data on a month-to-month, seasonal, and yearly basis. The result is sound pattern recognition of the area's housing trends, which Buyers and Sellers alike find invaluable when considering their real estate options. Look to Dan's Quarterly Real Estate Updates to better understand the dynamic Santa Barbara housing market by visiting our our "Archives" where we have catalogued his Updates since 1995.
To maintain his expertise on the current Real Estate market as a whole, Dan understands the need to pay close attention to both local and national press on the subject. Given the importance the housing market has in the overall economy there has been a lot of press coverage as of late. To view a selection of articles regarding the health of Real Estate in Santa Barbara and our nation, view our "Articles" page.
For years Dan has been selected to write for the California Economic Project, and lends his expertise of Santa Barbara Real Estate to their "Economic Forecast" which summarizes the previous year and offers predictions for the flow of the market throughout the upcoming year. He is also commonly requested to provide comments and insight into our local market by the press. Please visit our "In The Spotlight" page to view articles and newscasts that feature Dan's recommendations for Buyers and Sellers in the Santa Barbara area.
Quarterly Real Estate Update
1st Quarter 2017
2016 in Review - Nationwide
Fueled by low mortgage interest rates for the first ten months of the year, 2016 had the highest number of existing home sales since 2006. The median price for existing homes rose about 5% during 2016.
The big news for 2016 was the dramatic rise in home buyers’ borrowing costs. Almost immediately after the November presidential election, mortgage interest rates shot up over 20%. This will negatively affect Buyers’ purchasing power going into 2017. However, the increase in rates may be partially neutralized by anticipated job and wage growth. Despite low inventory levels which are currently down over 10% compare to 2015, the National Association of Realtors is projecting modest sales growth in 2017, and prices to rise about 4%.
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%.
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.
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.
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.
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.
Director, Estates Division
Berkshire Hathaway HomeServices
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 firstname.lastname@example.org. All calls will be confidential.