Santa Barbara Market Update 2017 vs 2016

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!