In Santa Barbara South County, the year to date average and median price levels have slightly declined- Average price of homes has dropped 2.3 % from this time last year, and the median price point has declined only 2.1%.
In SB South County for the previous year, we have seen a drop over the late fall and winter months in all cash sales, while currently we are at similar numbers of cash transactions as of this time last year.
The number of overall home transactions has been almost identical to the first three months of 2016; there has only been a very slight increase in number of home sales for the month of February and March- but no real significance in change to note.
In the last 7 years, we are currently experiencing the second highest median price levels. With relatively low inventory continuing in the million dollar+ price range, prices are staying steady. While mortgage rates are expected to continue to rise- this should show an effect on buying power, and in turn create a change in prices over the year.
Maurie McGuire