The local real estate market is doing well, and prices have come up nicely since 2013. In the first half of the year, Berkshire Hathaway home sales were up, keeping the company in the number one position for both number of sales and dollar volume of sales compared to all local companies.
Santa Barbara Real Estate
Across all companies, there are 10 percent fewer home sales than the first half of 2015. Inventory has increased with 20-30 percent more homes for sale now than in 2015. That isn’t a big increase, and inventory is still quite constrained. Prices are up 3 percent, but sales are primarily occurring between $1 million to $3 million. The over $5 million market has slowed.
The California Housing Economy
Year-to-date sales in California were down 2.8 percent from a year ago. “Sales have trended mostly sideways for eight consecutive years¸” according to Madeline Schnapp, Director of Economic Research for PropertyRadar.com. “While sales volumes appear to have hit a ceiling, prices continue to reach new heights. Lack of inventory, near record low mortgage interest rates, and increase in demand due to California’s continued economic vitality are pushing prices higher.”
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