ACTIVE, this market has a lot of activity right now. I am experiencing and hearing about many multiple offer situations. Across the board in all price points, people are buying homes right now.
I believe we are seeing an uptick in activity for two reasons. First, I hear a lot talk from buyers and the media that interest rates will rise soon. Second, it seems that many people are pulling money out of the stock market with concerns that the stock market might make a correction.
Though we have seen an increase in the median sales price, it has not come from rising home prices. What we have currently occurring is greater proportions of sales in the higher end pushing the median up. But with all this activity it will be interesting to see if prices jump again like they did in the beginning of 2013.
- Total home sales Up 21.8% – 246 in ’15 vs. 202 in ’14
- Median sales price Up $1,152,500 – 12.4% increase from ’14 of $1,025,000
- Montecito sales Up 21% – 46 in ’15 vs. 38 in ’14
- Total home sales Up 62.5% – 117 in ’15 vs. 72 in ’14
- Total pending sales Up 12.4% – 118 in ’15 vs. 105 in ’14
- Median sales priceUp $1,205,000 -22.5% up from ’14 of $983,700
- Days on Market 54 – a little slower from ’14 of 40
- 30 Year fixed Avg 3.79%as of 4/15/15
