Santa Barbara Real Estate Market News – July, 2019

Santa Barbara Market Report

Total sale for the month July (2019) increased by 13% in comparison to 2018. Consequently, average sold prices up 6% and median up by 2%. Currently, average single family home sale price in Santa Barbara county is $1,923,884 and median is $1,250,000.

Condos In Santa Barbara

Condo’s average sale price was $791,637 and median was at $698,250. Although, the number of sold condos were up 24% from January to July compared to the year before, based on our stats the sale prices of condos were down by 2.5%. On the other hand, the median for this sector of the market was up by 2.7%.

 

Single Family Homes In Santa Barbara

As for the single family homes in Santa Barbara we’ve had 8% increase in number of sale compared to January-July of 2018. Furthermore, average sold prices of single family homes increased by 11% and median by 4%.

 


Single Family Homes

YTD 2019 SALES

Carpinteria 53 Sales:
$2,810,255 Avg
$1,066,500. Median

Goleta 219 Sales
$1,163,672 Avg
$995,000 Median.

Montecito 101 Sales
$4,081,965 Avg.
$2,835,000 Median

Hope Ranch 24 Sales
$4,792,417 Avg.
$2,974,000 Median

Santa Barbara 349 Sales
$1,452,061 Avg
$1,250,000 Median.

Summerland 8 Sales
$1,594,375 Avg
$1,575,000 Median.

 


Condos

YTD 2019 SALES

Carpinteria: 45 Sales
$550,489 Avg. Price
$545,000 Median

Goleta 179 Sales
$684,595 Avg. Price
$691,500 Median

Montecito 18 Sales
$1,835,806. AvgPrice
1,411,250 Median

Hope Ranch
n/a

Santa Barbara 152 Sales
$863,357 Avg. Price
$762,500 Median

Summerland 2
949,500 Avg Price
949,500 Median

 

Future of the Market

Overall our market seems to be taking it’s healthy course, although some parts of the market busier than others. Considering Fed’s decision to keep interest rates low we are expecting more activity in the coming months, especially in the lower end of the market. Talking to our local mortgage lenders in Santa Barbara they are seeing

more and more buyers pursuing loan pre-qualification programs, which is a great indicator for our local housing market. On the other side of the spectrum, we are witnessing more and more prospective buyers taking their money out from their stock portfolio and investing it into real estate. The uncertainty of the stock market in the last few weeks has encouraged many of these investors to make changes to their portfolio and look for a safer place to park their money and real estate assets has been their choice.

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