Photo Courtesy of Sophia Hodson
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Santa Barbara
Real Estate
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Available inventory remains light.
Sales volume is inline with pre-pandemic levels.
All cash transactions continue to account for 1 in 3 sales.
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Santa Barbara, Goleta, Carpinteria, Montecito, Hope Ranch, Summerland
Real Estate 2022
So where are we headed?
Interest rates were 3.27% to start the year. They are up more than 2% since then. Effective Friday, May 6, the average national 30-year fixed rate mortgage is 5.64%. The last time rates were this high was 2009. The 2009 Median Sale Price was $740,000
The current Median Sale Price is $1,775,000.
That is quite a GAP up in price!
We have witnessed "the biggest, fastest jump in mortgage rates since...1994."
~ Matthew Graham, MortgageNewsDaily
04.11.2022 -- Rates have only gotten higher since April 11.
There has been no meaningful growth in inventory in any given week this year - demand continues to outstrip supply - what makes it to market, tends to sell quickly.
Inventory has averaged 110 properies available per week since January 1, 2022.
March sales totaled 173 homes and condos, which is down 28% from last year. 13 of the 173 were sold off market and never listed in the MLS.
Of the remaining 160 sales in the MLS - 34 of those were sold before they were added into the MLS. They were effectively also sold "off market."
In total in March out of 173 total sales of homes and condos, only 126 of those made it into the MLS and out to the broader buying public.
It can be tough to be a buyer in this market. If you are in the market to buy, you need to be attentive, ready, deliberate, and decisive.
Conversely, if you're a seller in this market, it is a great time to sell if you have a plan for what's next.
Give me a call if you're curious and want to ponder this market out loud.
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Median Sales Price: $1,800,000 (+17.5%)
13 Sales were off-market
65 Sales were all cash (38%)
Total sales Year To Date are down 23%
533 in 2021
Year To Date (YTD) Median Sales Price: $1,775,000
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March 2021
Median Sales Price: $1,485,000
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3 New Listings this month - 2 in the MLS and 1 pending off market
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3 Bed | 2 Bath | 1699 SF | $2,395,000
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214 South Voluntario Street,
6 Bed | 6 Bath | $2,650,000
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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