The market in 2018 was relatively stable with small increases in prices and slight decreases in number of sales. The prediction for 2019: stability – in both prices and number of sales. Mortgage interest rates are still historically low and the outlook for Santa Barbara looks good for 2019. Existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015, according to the National Association of Realtors®. Locally, it is considered a "balanced" market this year where it is not just a buyers market or sellers market, but equal opportunities for both. The Fed announcement that there won't be any interest rate increases this year is great for the real estate market. Prices are expected to stay fairly stable, and listings that are priced well are selling quickly, some with multiple offers. It's a good time to buy and a good time to sell!
Homes with summer features are often listed 10% higher than homes without them, check out what brings the greatest investment return.
At mid-year the market is still climbing. Prices are up slightly, but overall number of sales are down due to continued lack of inventory. Condominiums have seen the biggest increase in value, up 18% over last year.
The 2018 market has started off as a robust year with average sales price up YTD over first quarter 2017. Condos have seen a 20% increase and single family home prices have seen an 8% increase. Number of sales are down slightly.
What's popular in backyards? The majority of homeowners still want a back yard with green, but hardscape is not too far behind.
Even with the tax law changes, California’s median home price is projected to increase 3.2 percent in 2018. Overall, home sales in California are expected to grow in 2018.
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This great info gives us some terrific insight into the 2017 Santa Barbara market.