MARKET UPDATE

Overall the trends from last month continue (read last months report).

As we anticipated, sales slowed in September but only a little. The market is down 7.5% or 12 fewer sales in September 2018 compared to 2017.

What continues to surprise us is how active the market continues to be as it faces the pressures of rising interest rates and new pricing highs. Given all that has occurred this year, it is remarkable that the market through September is down only 23 sales compared to 2017. This is also in light of a much slower Montecito Market; Montecito is down 46 sales or 28% year-to-date.

One of the noticeable changes this year is buyers are more often not having to compete to purchase the home they want. There are still cases of the highly desirable property garnishing multiples offers; we just represented buyers, where they were one of seven offers on a property.  We had the pleasure of helping them win the property they really wanted.  The market is beginning to feel a little more balanced, where many properties are receiving one offer and coming to terms.

We continue to feel and see evidence that the market is changing to a more balanced market.

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THE HIGH & LOW

September 2018 Highest Sale  / 710 Picacho Ln, Montecito /  Sold for $15,850,000

September 2018 Lowest Home Sale  / 1743 Clearview Rd, Santa Barbara  /  Sold for $630,000

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SEPTEMBER 2018 STATISTICS

Year to Date

Total Sales – 1366 in ’18 vs. 1,389 in ’17 – DOWN 1.7%

Median Home Sales Price – $1,200,000 in ‘18 vs. $1,207,000 in ’17 – DOWN 0.6%

Median Condo Sales Price – $680,000 in ’18 vs. $620,000 in ’17 – UP 10%

Sales Above $5M – 30 in ’18 vs. 40 in ’17 – DOWN 25%

September

Total Sales – 147 in ’18 vs. 159 in ’17 – DOWN 8%

Total Home Sales – 86 in ’18 vs. 118 in ’17 – DOWN 27%

Total Condo Sales – 61 in ’18 vs. 41 in ’17 – UP 49%

Total Pending Sales – 134 in ’18 vs. 152 in ’17 – DOWN 12%

Total Off Market Sales – 29 Sales or 20%

Total All Cash Sales – 31 or 21%

Avg. 30 Year Fixed Rate Mortgage – 4.99% as of 10/25/18

*All data is pulled from the MLS & public records

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