Broadcast December 28, 2017
CBS News: Real Estate Booming!
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CBS News: Real Estate Booming!
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Santa Barbara Real Estate Are Home Prices Rising? The real estate market here in Santa Barbara continues to remain buoyant even with high interest rates. As the year progresses our unique coastal community continues to attract interest and investment in Santa Barbara real estate. Keep in mind that all real estate is local. What may be happening somewhere else in California could be completely different from what you’re experiencing. Click Read More Below for the whole post.
Santa Barbara Real Estate The Volume Surge: Total sales in April jumped 22% year-over-year. After a slow start to the year, transaction volume is trending upward, suggesting that buyers who were on the sidelines have returned The Pricing "Divergence": There is a notable split between the broader market and the ultra-luxury tier. While the county-wide median price for single-family homes dipped 20% YTD (from $2.65M to $2.11M), luxury enclaves like Hope Ranch saw median prices rise by 20%, and Montecito saw average prices climb by 19% Cash is King: A massive 39–40% of all sales are all-cash. This high percentage of cash buyers is providing a floor for the market, as these transactions are immune to the immediate pressures of mortgage rate fluctuations. Inventory & Velocity: With 2.9 months of supply, the market remains "tight" but is no longer in the crisis territory of previous years. Homes are moving quickly—condos average only 28 days on the market, while single-family homes average 44 days. Regional Winner: Hope Ranch is the standout performer YTD, with a 36% increase in the number of homes sold compared to last year. Click Read More below for charts and graphs.
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