Santa Barbara Real Estate Market Trends through December for 2016. This graph was prepared by Fidelity Title Company in Santa Barbara. This year is reflected by the thicker purple line with diamonds. The green line reflects 2015, where in May of 2015, it appears the southern Santa Barbara real estate market most peaked based on the number of homes sold for that month. The light purple line reflects 2013 which shows the highest number of sales per month going back to 2010. The graph reflects the number of sales for that month for southern Santa Barbara. (Carpinteria to Goleta) Click on image to enlarge.
Chart provided by Fidelity Title Company * Click on image to enlarge. The green line represents the trend in sales in Southern Santa Barbara from Carpinteria to Goleta north. In May the market here in Santa Barbara peaked, and although there was a slight bump in July, in August it continued to drop.
August 8, 2015 Year over year sales are up 12% with the median sales price up to roughly $1,175,000 for a 5% rise. The average sales price is also up from just over $1,700,000 in 2014 to approximately $1,900,000 in 2015 while the number of escrows are up about 19% with the median list price on those escrows down about 3.5%.
With escrows and sales up for the 2nd market quarter the prospect for a strong 3rd quarter look good. The vitality in the market is still dependent on the inventory however. The graphs below reflect 2nd quarter activity for those areas. Graphs provided by Sotheby’s International Realty Santa Barbara.
Click on the image to enlarge.
30 Year Mortgage Rate is at 4.04%, compared to 4.09% last week . Lowest 30 year rate touched in last 10 years is 3.53%.15
15 Year Mortgage Rate is at 3.21%, compared to 3.25% last week. Lowest 15 year rate touched in last 10 years is 2.83%.5/1
Adjustable Rate Mortgage Rate is at 2.97%, compared to 2.96% last week. Lowest 5/1 Adjustable Rate touched in last 10 years is 2.69%.
We are seeing a consistent upward movement in rates. Freddie Mac’s Primary Mortgage Market Survey June 2007 to June 2015.