Santa Barbara Real Estate through the end of December 2014 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

This is an analysis of the Santa Barbara Real Estate market including Carpinteria/Summerland, Montecito, Hope Ranch, downtown Santa Barbara and Goleta through the month of December 2014.  For the Home Estate/PUD market the numbers of sales rose slightly from the previous month to about 80 in December rising from 73 in November but down from the 87 we saw in October. The Median Sales Price also rose for the month going to about $990,000 in December from $945,000 in November and the $985,000 we saw in October.  The opened escrows also remained stable in December going to about 74 from 72 in November but down from the 104 we saw in October while the median list price on those escrows rose from $1,010,000 in November to about $1,095,000 in December. There were approximately 59 new listings that came on the market in December with a median list price of approximately $1,295,000 million and an average list price of just about $2.075 million which left the overall inventory falling from 278 units for sale in November to roughly 220 in December.

                Year over year sales are down about 17% from 2013 but the median sales price is up to about $1.12 million for approximately an 18.5% rise. The average sales price is also up going from about $1.4 million in 2013 to approximately $1.7 million in 2014 for another 18.5% rise while the numbers of escrows are down with about 1,230 in ’13 to roughly 1,070 in ‘14 for a 13% drop with the median list price on those escrows up about 18% to approximately $1.15 million.

Looking at the Districts, Carpinteria/Summerland sales are down from 109 to 85 but the median sales price is up from $852,500 to $922,500. The numbers of escrows are also down from 105 to 93 with the median list price on those escrows rising from $865,450 in ‘13 to $949,500 in ‘14.

             For Montecito, sales are down going from 230 to 207 with the median sales price rising from $2.4 million to $2.7 million. Escrows are also down going from 237 to 204 but the median list price on those escrows is up from $2.49 million to $2.95 million.

                East of State St sales are down going from 317 in ’13 to 298 in ‘14 but the median sales price is up from $988,500 to $1,187,000. The escrows also went down from 321 to 301 with the median list price on those escrows rising from $1,025,000 in ‘13 to $1,200,000 in ‘14.

                West of State St sales are down from 280 to 231 but the median sales price is up from $872,500 to $961,000. The numbers of escrows are also down with 289 in ’13 compared to 236 in ‘14 but the median list price on those escrows is up from $895,000 in ‘13 to $950,000 in ‘14.

                Hope Ranch sales are up however from 32 to 35 and the median sales price is up from $2.375 million to $2.812 million. The numbers of escrows are also up with 27 in ‘13 compared to 40 ‘14 and the median list price on those escrows is up from $2.572 million in ’13 to $3.195 million in ‘14.

                Goleta South sales are down with 116 in ‘13 and 81 in ‘14 and the median sales price is down from $750,500 to $750,000. The numbers of escrows are also down from 101 to 84 with the median list price on those escrows rising from $719,000 to $749,000.

                Goleta North sales are down with 215 in ’13 and 163 in ’14 with the median sales price rising from $793,500 to $844,000. The numbers of escrows are down from 202 to 179 with the median list price on those escrows going from $798,500 to $848,000.

For the Condo segment of the market, sales rose to around 46 in December from 39 in November and 40 in October. The median sales price fell however from $735,000 in November to roughly $525,000 in December while the numbers of escrows fell from 44 in November to about 38 in December with the median list price on those escrows rising just a little from $572,000 in November to about $572,500 in December.

There were about 30 new condo listings that came on the market for the month with a median list price of approximately $570,000 falling from $599,000 in November and an average list price of approximately $655,000 falling from about $750,000 in November while the overall inventory fell for the month from 105 units for sale in November to approximately 85 in December.

Looking at the Districts, Carpinteria/Summerland sales are down from 83 to 48 with the median sales price rising from $445,000 to $497,000. The numbers of escrows are also down from 78 in ‘13 to 53 in ‘14 but the median list price on those escrows is up from $449,900 to $499,000.

Montecito condo sales are down with 30 in ’13 and 17 in ‘14 but the median sales price is up from $1,170,000 to $1,565,000. The numbers of escrows are also down with 29 in ’13 and 19 in ‘14 while the median list price on those escrows is up from $1,245,000 in ’13 to $1,749,000 in ‘14.

East of State St sales are even from 103 to 103 with the median sales price rising from $545,925 to $640,000. The numbers of escrows are up going from 100 to 105 with the median list price on those escrows up from $570,000 in ‘13 to $644,000 to ‘14.

West of State St sales are up from 113 to 130 with the median sales price rising from $535,000 to $644,000. The escrows went up from 112 to 135 with the median list price on those escrows going from $558,500 to $629,500.

  Goleta South sales are up from 72 to 99 with the median sales price up from $445,000 to $538,500. The numbers of escrows are also up with 76 in ’13 and 99 in ‘14 with the median list price on those escrows up from $449,500 in ’13 to $550,000 in ‘14.

Goleta North sales are up from 57 to 62 with the median sales price up from $420,000 to $455,000. The escrows are also up from 55 to 62 with the median list price on those escrows going up from $425,000 to $449,000.

Through the end of December sales of single-family homes is down about 17% while the median sales price for those homes is up about 19%. For condos, sales are down approximately 2% with the median sales price up about 10%. Of the single-family homes that sold for the month roughly 9% of those sales were over the asking price and for condos that number was also 9%.  The average over asking price for homes that sold was about 3% and for condos that number was about 4%. On the other side of the coin 15% of the single-family homes had a price reduction and 18% of the condos dropped their price.

At the end of 2014 sales of single-family homes went down significantly while the median sales price for those homes went up significantly. But, with new listings declining 4 years in row it looks like the numbers of sales will continue to decline in 2015. Also, despite the huge run up in the median sales price for the year that rise started cooling in the last 5 months of the year with the median sales price declining 4 months in a row. If interest rates start to move up then prices will fall but if interest rates remain low then prices should flatten out. For 2015 the real estate market is dependent on the inventory. If the listings start increasing reversing the trend of the previous 4 years then the sales will rise but if listings remain stagnant then sales will continue to decrease.

Gary Woods

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The $700,000+ mistake nearly 6 in 10 millennials may make

By Catey Hill, MarketWatch4 days ago

Most millennials say they’d rather rent than buy a home

— a decision that could cost them more than $700,000 over the course of their lives.

Nearly six in 10 millennials (59%) say they’d rather rent a home than buy one, with just one in four saying they are either very or completely likely to purchase a home in the next five years, according to a survey of 1,300 millennials released this week by EliteDaily. (This anti-home-buying trend can already be seen: Currently, only about one in four millennials own a home, down from about one in three in the mid-70s and early 80s, according to data from the Demand Institute.) That’s “bad news for the real estate industry,” the report concludes.

The reasons for this sentiment are many. More than six in 10 feel they simply can’t afford it, the survey revealed (whether or not they actually can’t afford it is another question entirely). Plus, millennials tend to marry and have children later (two events that often inspire home purchases) and are a generation that doesn’t like feeling stuck in one place, says company spokesperson Dan Schawbel.

Whatever the reason, this decision may be a costly one. “In most markets it is still cheaper to buy than to rent [each month]” — even when you factor in the insurance and property tax payments, in addition to the mortgage payments, says Daren Blomquist, vice president of RealtyTrac. And because interest rates are so low, now is a good time to buy in many markets — at least if you plan on staying in the home over the long term (Blomquist says that, as a very rough rule of thumb, if you don’t plan on staying in the home you are buying for at least five years, it may make sense to rent instead of buy).

Plus, you’re working toward owning an asset when you buy — that’s not the case when you rent. Considering that the median home in America costs $190,000 and historic annual home price appreciation is around 3%, according to data from RealtyTrac, a millennial who bought an average home today (and put $19,000 — that’s 10% — down) with a 30-year fixed rate mortgage at 4% would outright own a home worth $426,000 in 2045, and pay a total of roughly $373,000 for it (mortgage, taxes and insurance included) — a difference of $52,000. Plus, after 30 years, the person could live rent-free — a compelling prospect for retirement.

If that same millennial rented — let’s assume he pays $1,312 a month in rent this year (which is the average fair market rent for a three-bedroom nationwide, according to RealtyTrac) — and his rent appreciates at a rate of 2.7% a year (the average increase over the past decade, RealtyTrac says), he’ll end up shelling out nearly $717,000 in rent over that 30-year period — all without an asset to show for it in the end. Of course, he can cut that by having roommates, but at some age, he’s probably going to want out of the roommate game, unless it’s a spouse or love interest.

That said, many millennials will likely rent now but buy a home down the road. But waiting to buy has its costs, too — interest rates and median home prices are likely to rise down the road. At current rates of appreciation, in 10 years the average home (now priced at $190,000) would be selling for about $249,000. If interest rates return to their historical norm (from over the past 15 years) of 5.6%, a monthly house payment (including mortgage, taxes and insurance) on a $249,000 home would be $1,574 a month, a 52% increase over the $1,037 house payment for a median priced home now; plus, over that 30 years, you’d pay a total of $566,640 (assuming you put 10% down) for a home worth $558,356 at the end of that period. “In this scenario you wouldn’t come out positive on your investment in the property until a year after the mortgage was paid off, in 2056 — at which point the home would have a projected value of $573,608,” explains Blomquist.

Of course, there are some compelling reasons to rent. You have more flexibility when renting, as you aren’t tied to a mortgage payment, and savvy investors can likely get higher than 3% annual returns elsewhere. And, quite frankly, “if you can’t afford it, don’t buy,” says Blomquist; you don’t want to end up in a situation where you have to foreclose on a home.

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Weekly Mortgage Rate Update

Concerns about the pace of global economic growth caused bond yields around the world to decline this week. The US economic data released this week had little impact. Mortgage rates ended at the lowest levels in over a year.

THIS WEEK'S RATE TREND IS DOWN

Loan Amounts under $417K, Shown as Note Rate/APR

Conforming 30 year fixed: 3.750/3.809

FHA 30 Year Fixed: 3.375/4.413

Conforming 5/1 ARM: 3.000/3.056

Conforming 7/1 ARM: 3.125/3.114

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR

High Balance Conf. 30 Year Fixed: 3.875/4.949

FHA High Balance 30 Year Fixed: 3.625/4.681

High Balance 5/1 ARM: 3.375/3.182

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR

Jumbo 30 Year Fixed: 3.875      /3.914

Jumbo 5/1 ARM:  3.125/3.065

Jumbo 7/1 ARM: 3.375/3.211

Jumbo 10/1 ARM: 3.875s/3.559

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $603,750

San Diego: $546,350

LA/Orange: $625,500

FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

  

 

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6 Smart Ways to Work Your Square Footage

by Marty Buckenmeyer

Houzz Contributor

New homes are getting bigger. The size of the average American home built in 2013 was 2,600 square feet, which is bigger than ever, according to the U.S. Census Bureau. While it can be nice to have such a spacious dwelling, many of us live in much older homes, built early in the previous century, with smaller floor plans that reflect the routines of a different era. Many people are continuing to flock to urban environments, too, where living spaces are generally smaller. So how do you make a smaller home feel bigger? If you have limited space, consider these design solutions to improve the livability of your home.

Schrader & Companies

1. Fake a foyer. Does your front door open right into the living room? Tired of seeing the explosion of coats, shoes and backpacks from your spot on the couch? You can still create the feel of a foyer by introducing some space-defining elements. The partial-height wall, oversize post and bench pictured here keep the entryway from spilling into the dining area beyond. The lowered ceiling and decorative light further define the space within the larger room.

See more on creating entry halls

Feldman Architecture, Inc.

2. Create movable walls. Full-height sliding doors can be a great way to create separate, flexible spaces for sleeping and living. This strategy can be particularly useful for small alcoves off larger rooms. In this house an open playroom for the kids can be quickly converted to a guest bedroom, thanks to a sliding barn-style door and a pull-down bed.

Feldman Architecture, Inc.

Large sliding doors can be very easy to move, but they can also be very heavy! The doors typically hang from a track that needs to be securely attached to a wall or ceiling. You’ll need to provide a concealed guide at the floor to prevent the door from swinging out at the base.

See more on barn-door installation

Anthony Wilder Design/Build, Inc.

3. Consider a Juliet balcony. In urban environments few things are valued more than outdoor space — no matter how small it is. However, proximity to the property line or a budget limitation might restrict your ability to build an outdoor balcony or deck. A large sliding door or in-swing patio door with a small railing on the face of the building can create a micro outdoor space, providing a breath of fresh air and a connection to the outdoors.

This can be particularly effective on an upper story, where the addition of an actual deck may be a complicated and expensive structural endeavor. The railing for a Juliet balcony needs to be attached to the wall to meet building code requirements and let you safely enjoy the view from up close. And as with any new door or window opening, you will want to consider proper weather sealing to keep the outdoors where it belongs.

Buckenmeyer Architecture

4. Just one bathroom? Add another door. Only one bathroom is a common challenge in older houses. Can you still have a master bathroom if it’s the only bathroom in the house? Or maybe the bathroom can be reached only through your bedroom.

In this project adding a door between the bedroom and the reconfigured bathroom created the functionality of a master suite while allowing access from the hall.

TRG Architects

When laying out multiple doors in a small bathroom, their locations need to be planned carefully so the doors don’t bang into each other. Pocket doors may be useful if space is tight. Before making new openings in existing walls, consult a building professional to help you evaluate whether the wall is load bearing and if structural improvements will be needed.

See more on pocket doors

Smith & Vansant Architects PC

5. Use skylights to improve headroom. A stairway with limited headroom can be very uncomfortable to use and might discourage you from making the most of the rooms on an upper level. Sometimes this low clearance is an issue only for a small area at the top landing. Raising the roofline or adding a dormer can be very expensive solutions for such a small area.

But a well-placed skylight can be used to raise the ceiling height where it’s needed most. It also brightens the room and provides the opportunity for ventilation. An architect or engineer can help you evaluate how to add an opening in the roof structure. You will want to consult your local building code for the minimum headroom required at the stair as well.

See more on adding a skylight

ThinkMakeBuild

6. Go easy on the uppers. Wall-hung cabinets above the counter are one of the most common features in kitchen design. But having too many upper cabinets in a small kitchen can make the space feel confined. Consider replacing those blank boxes with something more unexpected, such as open shelving or a bank of windows.

This change can transform a dark kitchen into your favorite room in the house.

Rick & Cindy Black Architects

Eliminating upper cabinets doesn’t have to mean cutting back on storage, however. Open shelving can be used to conveniently store those items that are used most, while also giving the room more visual depth. In this example the tile backsplash continues behind the shelves, up to the ceiling. This simple move provides a dramatic focal point and makes the room feel taller too.

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Weekly Mortgage Rate Update

Happy New Year!  Concerns about the pace of global economic growth caused bond yields around the world to decline this week. The US economic data released this week had little impact. Mortgage rates ended at the lowest levels in over a year.

THIS WEEK'S RATE TREND IS DOWN

Loan Amounts under $417K, Shown as Note Rate/APR

Conforming 30 year fixed: 3.750/3.809

FHA 30 Year Fixed: 3.375/4.413

Conforming 5/1 ARM: 3.000/3.056

Conforming 7/1 ARM: 3.125/3.114

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR

High Balance Conf. 30 Year Fixed: 3.875 /4.949

FHA High Balance 30 Year Fixed: 3.625/4.681

High Balance 5/1 ARM: 3.375/3.182

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR

Jumbo 30 Year Fixed: 3.875      /3.914

Jumbo 5/1 ARM:  3.125/3.065

Jumbo 7/1 ARM: 3.625/3.329

Jumbo 10/1 ARM: 3.750/3.428

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $603,750

San Diego: $562,350

LA/Orange: $625,500

FHA

Santa Barbara: $625,500

Ventura: $603,750

San Diego: $562,350

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

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Houzz Call: Show Us Your Best Kitchen Innovation

by Mary Jo Bowling

Houzz Editorial Staff; writer, reader, serial remodeler.

You could make a case for this statement: Where there is work to be done, there you will find innovation. Few (if any) other rooms work harder than the kitchen. We want to see your innovative solutions that have made kitchens better, smarter and more productive. Please upload your smart projects in the Comments below, and we will pick a few hardworking kitchens to profile in an in-depth way.

We are looking for kitchen perfection: A great material mix, genius ideas and a high-functioning layout. Some examples: Interior designer Kristina Crestin was asked to make a kitchen that would work whether two or 20 people were cooking. She answered the challenge by crafting a space that has separate zones that keep cooks (or would-be cooks) from colliding.

Dealing with kitchen corners is always a tricky business. Crestin solved the age-old problem with corner drawers made with angled fronts.

Kitchen Studio: Kansas City

Those are the kinds of ideas we are seeking. Another example is found in this project by Kitchen Studio: Kansas City. The homeowners wanted a space that was composed of glamorous elements (mirrored tile and a demicabinet for art display) and outfitted with practical features.

Kitchen Studio: Kansas City

The demicabinet is used to display art and fresh flowers on top, but open the doors and you’ll find pullout shelves and electric outlets, so the homeowners can access their appliances without bending and lifting, and in some cases without having to take them out and set them on the counter.

Kirstin Havnaer, Hearthstone Interior Design, LLC

Who wouldn’t love to have implements stored in a pullout like this one, in a design by Kirstin Havnaer, Hearthstone Interior Design? They are stored upright (no rummaging) and within arm’s reach of the cooktop.

Actual-Size Architecture

Design problems often lead to solutions that thrill both our style-seeking eyes and our sensible hearts. Check out the personal kitchen of architect Geoffrey Gainer of Actual-Size Architecture. Gainer wanted to make his modern kitchen work with his Victorian house. He did it by making a see-through “wall” of shelves that separates, yet marries, the modern and traditional spaces. He also created a storage powerhouse.

Incorporated

When a homeowner wanted a seamless backsplash that also had a bold pattern,Incorporated came up with the idea of covering fabric with glass.

Now it’s your turn. Upload those photos, floor plans and ideas below.

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Santa Barbara Real Estate through the end of November ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland

This is an analysis of the Santa Barbara Real Estate market including Carpinteria/Summerland, Montecito, Hope Ranch, downtown Santa Barbara and Goleta through the month of November 2014.  For the Home Estate/PUD market the numbers of sales fell from the previous month to 72 in November dropping from 87 in October and 109 in September. The Median Sales Price also fell for the month to about $947,500 from $985,000 in October and $1,199,000 in September.  The opened escrows also fell in November to about 75 from 107 in October and 81 in September while the median list price on those escrows rose from $949,000 in October to approximately $1,035,000 in November. There were roughly 70 new listings that came on the market in November with a median list price of just about $1.15 million and an average list price of around $1.8 million which left the overall inventory falling from 308 units for sale in October to about 280 in November.

                Year over year sales are down about 17% with the median sales price up to about $1,130,000 for approximately a 21% rise. The average sales price is also up going from about $1.43 million in 2013 to approximately $1.73 million in 2014 for also a 21% rise while the numbers of escrows are down with 1,161 in ’13 to just over 1,000 in ‘14 with the median list price on those escrows up about 20% to approximately $1,150,000.

Looking at the Districts, Carpinteria/Summerland sales are down from 99 to 79 but the median sales price is up from $852,500 to $925,000. The numbers of escrows are also down from 103 to 88 with the median list price on those escrows rising from $872,000 last year to $949,000 this year.

             For Montecito, sales are down going from 212 to 195 with the median sales price rising from $2.424 million to $2.75 million. Escrows are also down going from 219 to 193 but the median list price on those escrows is up from $2.495 million to $2.95 million.

                East of State St sales are down going from 294 in ’13 to 273 in ‘14 but the median sales price is up from $967,500 to $1.195 million. The escrows went down from 306 to 282 with the median list price on those escrows rising from $1,037,500 last year to $1.199 million this year.

                West of State St sales are down from 255 to 210 but the median sales price is up from $877,000 to $970,850. The numbers of escrows are down with 272 in ’13 compared to 221 in ‘14 but the median list price on those escrows is up from $895,000 last year to $959,000 this year.

                Hope Ranch sales are up from 29 to 32 and the median sales price is up from $2.056 million to $2.6 million. The numbers of escrows are up with 24 last year compared to 36 this year and the median list price on those escrows is up from $2.425 million in ’13 to $3.45 million in ‘14.

                Goleta South sales are down with 108 last year and 76 this year but the median sales price is up from $730,000 to $750,000. The numbers of escrows are down from 94 to 75 with the median list price on those escrows rising from $710,000 to $749,000.

                Goleta North sales are down with 199 in ’13 and 152 in ’14 with the median sales price rising from $795,000 to $846,000. The numbers of escrows are down from 194 to 163 with the median list price on those escrows going up from $796,500 to $845,000.

For the Condo segment of the market sales fell to 37 in November down from 40 in October but up from the 29 we saw in September. The median sales price also rose from $553,750 in October to $735,000 in November while the numbers of escrows rose from the 36 we saw in October to about 45 in November with the median list price on those escrows rising slightly from $569,000 in October to $572,000 in November.

There were about 45 new condo listings that came on the market for the month with a median list price of about $590,000 rising from $500,000 in October and an average list price of approximately $760,000 equaling the October number while the overall inventory stayed steady in November from about 105 units for sale in October to 105 in November.

Looking at the Districts, Carpinteria/Summerland sales are down from 80 to 39 with the median sales price rising from $445,000 to $505,000. The numbers of escrows are also down from 75 last year to 47 this year but the median list price on those escrows is up from $449,450 to $499,000.

Montecito condo sales are down with 29 in ’13 and 16 in ‘14 but the median sales price is up from $1,115,000 to $1,600,000. The numbers of escrows are down with 29 in ’13 and 19 in ‘14 while the median list price on those escrows is up from $1,245,000 in ’13 to $1,695,000 in ‘14.

East of State St sales are up from 90 to 93 with the median sales price rising from $563,500 to $640,000. The numbers of escrows are up going from 87 to 95 with the median list price on those escrows also up from $580,000 last year to $639,000 this year.

West of State St sales are up from 101 to 110 with the median sales price rising from $530,000 to $650,000. The escrows went up from 104 to 120 with the median list price on those escrows going from $553,500 to $659,000.

  Goleta South sales are up from 66 to 93 with the median sales price up from $445,000 to $538,500. The numbers of escrows are also up with70 in ’13 and 94 in ‘14 with the median list price on those escrows up from $449,000 last year to $549,950 this year.

Goleta North sales are up from 52 to 58 with the median sales price up from $419,500 to $455,000. The escrows are also up from 50 to 58 with the median list price on those escrows going up from $425,000 to $452,000.

Through the end of November sales of single family homes are down about 17% from ’13 while the median sales price for those homes is up about 21%. For condos, sales are down approximately 5% with the median sales price up over 11%. Of the single family homes that sold for the month roughly 10.4% of those sales were over the asking price and for condos that number was about 14.2%. But, 3 of the 5 over the asking price condo sales were in the Hideaway.  The average over asking price for homes that sold over the asking price was about 8.7% but really it was 1 sale, 1520 Santa Rosa Ave that was listed for $1.1 million and sold for $1.6.  For condos the percentage over the asking price was about 8.7% but again most of those were the upgrades in the Hideaway. On the other side of the coin 14 % of the Home/Estate Inventory experienced a price reduction in November while 19% of the condos went down in price.

                We usually finish the year with a lot of single family sales and 2014 should be no exception. Also, the median sales price for homes which has declined for the past 4 months should come back up to roughly $1 million finishing the year with about a $1,150,000 annualized median sales price up 20+% over 2013. The condo sales are a little more confusing however with big numbers racked up by the Hideaway and 401 Chapala St but the overall condo market is soft with prices dropping slightly.

Gary Woods

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