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Santa Barbara |
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Real Estate 2021 Insights |
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January 2021 results are in and although light on new inventory, sales activity looks very similar to last year. Demand is outpacing supply. Sales are up. Multiple offer situations are common with 20% of sales occurring without ever coming to market.
From Goleta to Carpinteria we are currently averaging only 37 new listings per week and 38 new pendings each week. Pendings are outpacing new listings. Last Summer we were averaging 60+/- new listings each week. |
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It's not uncommon to hear of 10 to 15+ offers on a single property. View and ocean front properties are commanding what seems like all-time premiums; even fixers with a view are commanding a premium. Market momentum is favoring the seller. It's being driven by demand.
This is a Seller's market - if you've wondered when to sell, it's now! With the current buyer demand, it's a great time to sell in Santa Barbara if you know where you want to be next.
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January 2021 South County Sales .......................................... |
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January 2021 Sales: 158 Homes & Condos
January 2020: 129 Sales
Up 22% Year Over Year
Single Family Median Sale Price: $1,699,500
Up 30% year over year
Condominium Median Sale Price: $733,000
Down 1% year over year
21% (33 Sales) were Off-market
30% (46 Sales) All-Cash
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*Average 30-Year Fixed Rate Mortgage as of 02/26/2021: 3.27%
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INTEREST RATES |
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Interest rates have jumped nearly a half point over the past month - these are the highest rates we've seen since June 2020 - a 1/2% increase in a month is a BIG move. We started February at 2.79%.
As interest rates move up quickly, this often creates a rush to buy. If rates get too high too fast, it may cause a pause as affordability is pushed up and away.
If interest rates were to head toward 4%, that could change everything.
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INVENTORY |
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We have an inventory problem. Constrained inventory coupled with strong demand is simply increasing price. Year over year Median Price is up 23%. That's extraordinary!
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The Luxury Market |
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Activity at the luxury end remains very busy.
Montecito sales continued to be brisk in January.
January 2021:
Sold Properties: 27
January 2020 Sales: 20 11 of the January 2021 sales were in excess of $6M.
Hope Ranch experienced 8 sales for the month; half of which were all cash. Hope Ranch, with approximately 700 homes, is a relatively small sub-market. Seven of the eight sales were at or less than $4M.
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Highest Montecito January Sale:
650 Picacho Lane
7 Beds / 9 Baths 4 1/2 Baths 12,000 Sq. Ft. 4.56 acres
Sold: $15,750,000
$1,313 / Sq.Ft.
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Highest January Sale
4305 Marina Drive, Hope Ranch
5 Beds | 6 Baths 1 1/2 Bath 10,143 Sq. Ft.
3.71 acres
Sold: $25,373,227
$2,502 / Sq. Ft. |
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Life is short. Play hard, stay safe and be prepared to leave. Blessings! ~ Kirk |
