2016 Real Estate Market Update
Carpinteria, Montecito, Santa Barbara, Hope Ranch and Goleta
Posted February 6, 2017
2016 End of Year Market Update
South Coast Market Summary Report
|
Statistics for Single Family Homes |
2015 |
2016 |
% Change |
|
Median Sales Price |
$1,100,000 |
$1,173,500 |
+6.6% |
|
Number of Sales |
1,100 |
1,090 |
-.1% |
|
Days on Market |
47 |
51 |
+8.5% |
|
Sales Price/ List Price |
95.66% |
95.92% |
+.27% |
|
Statistics for Condominiums |
2015 |
2016 |
% Change |
|
Median Sales Price |
$599,500 |
$603,000 |
+.58% |
|
Number of Sales |
556 |
423 |
-23.9% |
|
Days on Market |
43 |
47 |
+9.3% |
|
Sales Price/ List Price |
98.83% |
97.70% |
-1.1% |
As you can see the number of sales for single family homes was about the same in 2016 as in 2015, but the median sales price went up significantly by 6.6%. Properties stayed on the market longer in 2016, but sellers got closer to their asking price.The median sales price for condos only increased slightly by .58%, but the number of sales went way down by 23.9%. Condos stayed on the market longer in 2016 and sellers had to negotiate more than in 2015.
So where are we headed in 2017? Forbes magazine had several predictions for the nationwide Real Estate market from their experts: Prices will continue to climb, but gains will be slow; Home supply may bump up slightly; Demand for housing may increase and interest rates will remain volatile. The California Association of Realtors is also predicting a slight rise in the number of sales statewide by about 1.4% and an increase in the median sales price by 4.3%. They’re also forecasting that the 30 year fixed rate mortgages will rise from 3.6% to 4.0%. If you’re considering purchasing or refinancing in 2017, it is wise to act sooner than later because your monthly payments are going to go up due to both rising interest rates and home prices increasing.
I am constantly updating my website with additional real estate information and special features in which you might be interested. I welcome you to visit my site at www.csgroupsb.
A sincere and heartfelt “thank you” for being a vital part of another successful year for me in real estate. Please keep me in mind when you, your family or friends have any real estate needs or questions. Referrals mean the world to me!
Wishing you and your family the best in 2017!!
Gail
