The local real estate market is doing well, and prices are moving up. We are looking forward to another good year.
Santa Barbara Real Estate
Santa Barbara had an active market in 2015 with 73 more house sales than 2014, and 119 more condos sold – fueled by 101 new units sold at the Hideaway Bungalows in Goleta. However, statistically, the median sale price for homes lost nearly two percent compared to last year. That is entirely because there were 30 fewer sales in Montecito – and many more sales in less expensive neighborhoods. Prices on the Mesa were up more than 11 percent, they were up 7.4 percent in Goleta, and 5.5 percent in Montecito.
US and California Housing Economy
Recently new nationwide loan requirements extended escrows from the traditional 30 days to nearly 45 days. Prices were up 6.3 percent in 2015 for the nationwide median priced home, and prices were up 6.5 percent in California. Increases in prices are expected to moderate slightly in 2016 – a good sign if you like stability. The Fed’s December ¼ percent increase in interest rates is expected to be followed by more increases over the next two years as the economy strengthens.
P.S. I have 38 years of experience in Santa Barbara, with more than 700 homes sold, and I am available to talk with you about your home. Call (805) 451-9300, or email firstname.lastname@example.org. All calls will be kept completely confidential.