Happy New Year!
Due to the Thomas Fire this year there were of course very few sales in December. I have decided to do a summary of the first 11 months of 2017 vs 2016 as I think it gives a better overview of the year.
Total new listing in 2016 (1,631) vs 2017 (1,506) were down about 8%. We however, had almost 5% more homes go into escrow during this period. We had 6.5% more properties sell, at a median sale price of $1,250,000 for 2017. The median sales price if Montecito and Hope Ranch are excluded was $1,085,000 up about 8% from 2016.
In December the Federal Reserve Board met and raised the fed fund rate, this does not always translate to a direct hike in mortgage rates. In the last 12 months mortgage rates have gone up, but are still around 4% which is a great rate for a 30 year fixed mortgage.
If you are thinking about making a move, wondering what your home is worth or looking to purchase please give me a call, I’d love to help you get the process started.
Wishing you a happy and healthy 2018!