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The market was active but segmented.
Active inventory ended the quarter up 38%.
Median home sale price was up 10%.
Median sale price for condos dropped 8%.
44% of first quarter sales were all cash.
A standout component of the first quarter were the three sales over $25M. Sales of that size are rare; three in a quarter are significant.
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With January's activity, there was reason to think maybe things were improving. Inventory, pending sales, and solds all increased.
February came and went without any real forward-looking fanfare. Total sales were up 22% year over year, but still under 100 for the month. Active inventory decreased, and interest rates hovered above 7% for much of the month which slowed March sales. Nearly half of February's sales were all cash.
March sales were back in line with last year's pace. Inventory increased but remained light by historical norms. Interest rates were 7%+/- on any given day.
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Buyer demand remains high, and it continues to be a seller's market. However, a seller can overprice. Properties that are priced correctly sell at full price or over often with multiple offers, and they sell within 30 days, but others come to market overpriced and sit. It's critically important for a seller to price it right.
Q1 stats below show the relationship of
Days On Market to the Selling Price
The longer a property sits on the market the lower the sales price to the original list price.
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April interest rates moved up closer to 7.5%
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It's a tough market for financed Buyers.
The piece of the puzzle Santa Barbara is missing are "affordable" entry-level homes. In any given week we have only a handful of homes priced under $1,500,000, and seldom is there a home priced under $1,000,000. You aren't getting much at this price.
Housing prices mixed with higher mortgage rates are making monthly mortgage payments set new highs.
Although our price points are much higher than the national median, the broader impact to our homebuyers mimic the national market.
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I'm often asked, will there be a correction.
The only way price will meaningfully drop would be if demand disappears suddenly or if supply dramatically increases. I don't foresee either of these happening in the near term. People want to live here. We don't have any land left to develop.
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Median Sales Price combined: $1,585,000 +7%
Median Sales Price House: $2,265,000 +8%
Median Sales Price Condo: $962,500 -3%
Median Days On Market: 11
Average Sold to List Price Ratio: 98%
Inventory Supply: 2.05 months
All five sales over $8M were in Montecito.
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Median Sales Price combined: $1,780,500 +11%
Median Sales Price House: $2,100,000 -7%
Median Sales Price Condo: $1,039,000 -15%
Median Days On Market: 10
Average Sold to List Price Ratio: 99%
Inventory Supply: 2.2 months
*The above graph and data include both MLS and
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2 BD 3 BA 846 SF $1,489,000
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Every property has a story, and every story has people. Super grateful for my Seller who became a friend and for the professional Referral of another.
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The living room had a wall through the middle of it halving the space into two units, and carpet covered the original wood floors.
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Maximize the value of your home with Compass Concierge.
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If I can do anything real estate for you, please reach out. Thank you for your continued trust and referrals!
...........................................................................
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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 is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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