Stan Tabler

Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate & Goleta Real Estate

(805) 689-2305

Santa Barbara Real Estate Services

Santa Barbara Real Estate Services The decision to purchase real estate or to place your home for sale in the Santa Barbara real estate market can be one of the biggest you and your family will make at any given time. This decision can be made easier if you are adequately informed about the buying and selling process, the local real estate market and the neighborhoods and communities in which you are interested. As a local real estate professional with more than thirty years of experience helping buyers and sellers just like you, it would be my great pleasure to introduce you to the Santa Barbara Real Estate Services I offer to both buyers and sellers.

For sake of simplicity, buying a home is a three-step process: finding the right community, finding the right home and negotiating the best contract terms. For your convenience, I have compiled a wealth of information on local communities and their real estate trends as well as provided you access to the search the entire Santa Barbara MLS to view available properties. Once we have narrowed down the ideal community and the right home, I will use my many years of experience and expertise and my Santa Barbara Real Estate Services to negotiate the contract terms to suit your needs and to exceed your expectations.

For sellers, I believe you will find my commitment to untiring communication and service, masterful marketing and negotiation skills to be most refreshing. Resulting from years of extensive experience and research, a superior ability to anticipate problems and solve them and unsurpassed ethics and professionalism, you will find these qualities will help your home sell quickly and for its highest dollar.

Whether you are moving across town or across the country, it would be my great pleasure to assist you with all your housing needs and to share my Santa Barbara Real Estate Services with you and your family. Please feel free to browse my Santa Barbara Home Buying and Selling Tips at your leisure and do not hesitate to contact me, Stan Tabler at your convenience. I look forward to hearing from you soon and to assisting you with all your real estate goals, big and small.

Santa Barbara South Coast Real Estate Update

March 12, 2021

Direct from the County Recorder’s Office by way of Fidelity National Title, the total number of residential sales on the South Coast of Santa Barbara County was up 7% from 128 in February 2020 to 157 in February 2021.  In February 2021 there were 110 House/PUD (Planned Unit Development) sales, up 20% from 2020, with a median sales price of $1,914,000 and an average sales price of $2,831.259.  In February 2021 there were 27 Condominium sales, down 25% from 2020, with a median sales price of $865,000 and an average sales price of $1,107,652.  There have been a total of 294 residential sales in 2021 (up 6% from 2020), with a median sales price of $1,485,750 (up 34% from 2020) and average sales price of $2,351,871 (up 59% from 2020).

In Carpinteria there were a total of 10 sales in February 2021, up from 9 in January.  In February 2021 the median price of the 6 House/PUD sales was $2,175,000 and the average price was $3,732,500.  In February 2021 the median price of the 4 Condominium sales was $710,000 and the average price was $692,500.  The lowest priced Carpinteria sale in February 2021 was a Condominium on Eighth Street @ $475,000 and the highest was a beachfront House on Sand Point Road @ $12,750,000.

In Summerland there was 1 sale in February 2021, down from 6 in January.  In February 2021 the median and average sales price of the House/PUD sale was $1,850,000.  There were no Condominium sales in February 2021, down from 2 in January.  The single Summerland sale was on Golden Gate Avenue at $1,850,000.

In Montecito there were a total of 28 sales in February 2021, up from 27 in January.  In February 2021 the median price of the 25 House/PUD sales was $4,175,000 and the average price was $5,244,750.  In February 2021 the median price of the 3 Condominium sales was $1,700,000 and the average price was $2,186,667.  The lowest priced Montecito sale in February 2021 was a House on Coyote Road @ $669,000 and the highest was an Estate on E. Mountain Drive @ $19,375,000.

In Santa Barbara there were a total of 57 sales in February 2021, down from 67 in January.  In February 2021 the median price of the 45 House/PUD sales was $1,792,500 and the average price was $2,032,267.  In February 2021 the median price of the 12 Condominium sales was $1,325,000 and the average price was $1,234,383.  The lowest priced Santa Barbara sale in February 2021 was a Condominium on Via Andorra @ $525,000 and the highest was a House on Las Alturas Road @ $5,400,000.

In Hope Ranch there were a total of 7 sales in February 2021, down from 8 in January.  In February 2021 the median price of the 7 House sales was $4,500,000 and the average price was $4,264,286.  There are no PUD’s or Condominiums in Hope Ranch.  The lowest priced Hope Ranch sale in February 2021 was a House on Estrella Drive @ $2,400,000 and the highest was an Estate on Cresta Avenue @ $6,800,000.

In Goleta there were a total of 33 sales in February 2021, down from 41 in January.  In February 2021 the median price of the 25 House/PUD sales was $1,043,500 and the average price was $1,181,120.  In February 2021 the median price of the 8 Condominium sales was $710,000 and the average price was $720,500.  The lowest priced Goleta sale in February 2021 was a Condominium on Calle Real @ $529,000 and the highest was a House on Cambridge Drive @ $2,720,000.

Analysis

The COVID-19 pandemic has not only affected our daily lives, but also how everyone buys and sells real estate.  Open houses and Broker Caravans are not allowed and strict safety protocols are in place for any in-person by appointment only showings of listings.  Due to virus concerns and stay-at-home orders, many Sellers have completely cancelled their listings for a time and this only exacerbated the lack of housing inventory on the market.  While the unemployment rate has leveled off and is slowly heading towards pre-COVID rates, historically low mortgage interest rates and the pent-up Buyer demand for housing is driving values of real estate upward on the South Coast.  It would seem that one of the unanticipated side effects of COVID-19 is that Buyers are fleeing from highly populated areas to more lightly populated areas, such as along the South Coast.  We have been tracking where the Buyers are coming from and at least 43% are coming not only from out of the County, but also many from out of State and a few from out of the Country.

A limited supply of available properties along the South Coast of Santa Barbara County is keeping values higher than one might expect, even taking into account the effects of COVID-19, as compared to many inland areas of California and most areas of the United States.  Along the South Coast of Santa Barbara County as of March 5th there were 106 active House/PUD listings (down from 125 in February) and 26 active Condominium listings available (down from 39 in February).  Historically there has been much more inventory available in the higher price ranges than in the lower ranges; as of February 5th 46% of the 106 active House/PUD listings were located in the higher valued Montecito and Hope Ranch areas.  Compare these current low totals to the inventory levels from 2007 to 2011 when the total number of active listings ranged between 734 and 1,026.  Historically the highest number of active listings along the South Coast was recorded in June of 1992 when there were an astounding 1,297 active listings available.

In 2020 there were only 2 bank-owned sales along the South Coast of Santa Barbara County.  As of March 5th there were no bank owned listings for sale or pending sales on the South Coast of Santa Barbara County.  There was one bank-owned sale in January and now one  February sale on Las Positas Place @ $981,000.  There have been very few distress sales due to home equity rising quickly allowing Owners to “bail out” their financially distressed properties.  To check out California’s foreclosure by county, visit this RealtyTrac link: California Foreclosure Trends by County .

As of January 2021 (the latest monthly data available from CoreLogic), the highest recorded County median sales price in California was in San Mateo County @ $1,300,000 (up 2% from 2020) and the lowest recorded County median sales price was in Siskiyou County @ $185,000 (down 4.4% from 2020).  The median sales price in the County of Santa Barbara was $635,000 (up 15.5% from 2020) while the median sales price in the City of Santa Barbara was $1,560,250 (up 34.6% from 2020).  Other than residential fire-lot sales, the lowest median sales price recorded in any California city was in Needles in San Bernardino County @ $66,500 (down 1.5% from 2020) and the highest was in Atherton in San Mateo County @ $7,000,000 (down 4.1% from 2020).  You could buy 105 median priced Houses in Needles, 11 in the County of Santa Barbara or 4.5 in the City of Santa Barbara for the same price as 1 House in Atherton.  If you care to see a House you can buy in Needles for $45,000, check https://www.realtor.com/realestateandhomes-detail/409-H-St_Needles_CA_92363_M10506-74837 .  If you care to see an Estate you can buy in Atherton for $6,988,000, check https://www.realtor.com/realestateandhomes-detail/35-Edge-Rd_Atherton_CA_94027_M14500-26677 .

The Federal Reserve (the Fed) has maintained a near zero rate since early 2020 due to the negative effects on the economy due to COVID-19. “We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects,” Powell said during a Wall Street Journal conference on March 4th. “That could create some upward pressure on prices. We’re very mindful and I think it’s a constructive thing for people to point out potential risks. I always want to hear that,” he said. “But I do think it’s more likely that what happens in the next year or so is going to amount to prices moving up but not staying up and certainly not staying up to the point where they would move inflation expectations materially above 2%.”  Powell said that he doesn’t expect any move up in prices to be long lasting or enough to change the Fed from its “accommodative monetary policy”.   As of March 5th you could lock in a $510,000 30-year fixed rate loan at 3.125%, up from 2.65% in February.  Historically the lowest 30-year mortgage interest rate since 1970 was recorded in 2012 @ 3.31%, so February 2021’s 2.65% rate is now the new low.  The highest mortgage rate was recorded in 1981 @ 18.63%.  If you were able to obtain a $510,000 mortgage in 1981, your payment would have been $7,949/month; as of March 5th it would be $2,185/month.

Of the 137 sales in February 2021 there were 104 over $1,000,000 which equates to 79.9% of the total sales, up from 69.6% in January.  The South Coast of Santa Barbara is not an inexpensive place to purchase real estate as compared to most areas of the United States, but again many people will pay more to live and invest in Santa Barbara.  According to Forbes the national average for all cash real estate sales is 20%; on the South Coast in February 2021, 29% were cash sales, down from 30% in January.  See the attached list of the 237 properties sold on the South Coast of Santa Barbara County in February 2021 and/or contact me for information on specific sales.

On February 23rd the Conference Board reported that the Consumer Confidence Index stood at 91.3 up from 88.0 in January.  In recent years the highest recent Index level recorded was 137.9 in October 2018 and it was recently as high as 132.6 in February 2020, prior to the COVID-19 pandemic. Historically the highest Consumer Confidence Index level was recorded in September 2000 when the Index stood at 142.5.  “After three months of consecutive declines in the Present Situation Index, consumers’ assessment of current conditions improved in February,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “This course reversal suggests economic growth has not slowed further. While the Expectations Index fell marginally in February, consumers remain cautiously optimistic, on the whole, about the outlook for the coming months. Notably, vacation intentions—particularly, plans to travel outside the U.S. and via air—saw an uptick this month, and are poised to improve further as vaccination efforts expand.”  To review the full report: https://conference-board.org/data/consumerconfidence.cfm .

As for the cost of living as of March 2021, Expatistan compiled an index of 198 major metropolitan areas worldwide.  Expatistan’s list indicates New York, NY @ #4 is the most expensive area in the USA with a Price Index score of 233 (a gallon of regular gas costs $2.75) and the least expensive are #114 San Juan, PR @ 120 ($3.09/gallon) and #112 Memphis, TN @ 122 ($2.09/gallon).  Of the top 25 most expensive areas worldwide, 3 are in California: #6 San Francisco @ 230 ($4.31/gallon), #18 Los Angeles @ 195 ($3.61/gallon) and #25 San Diego @ 188 ($3.29/gallon).  The most expensive area to live in the world is #1 Hamilton (Bermuda) @ 280 ($8.50/gallon) and the least expensive is #198 Tbilisi (Georgia/Russia) @ 52 ($2.96/gallon).  Santa Barbara is not on the list as Expatistan does not rate it as a major metropolitan area, but gas prices are similar to San Francisco’s.  The cost of living list is interesting to check out if you care to compare the cost of living in cities around the world: https://www.expatistan.com/cost-of-living/index .

As of March 4th, Danielle Hale, the Chief Economist at realtor.com, wrote about February’s Housing Trends:

  • Median listing prices grew at 14.0 percent over last year, notching the 29th consecutive week of double-digit price growth. The intractable gap between supply and demand persists, so further price gains are expected until either supply ramps up or demand eases. There are reasons to believe the intensity of this trend could lessen. First, vaccine roll-out is expected to ease seller anxiety which should improve the supply trends throughout the year. Additionally, although they remain low, mortgage rates have begun to increase and are expected to rise further later in the year, thus affordability will challenge buyer demand in the months ahead.  
  • New listings–a measure of sellers putting homes up for sale–continue to fall behind the year ago pace, registering 27 percent lower this week. We saw a clear upswing in newly listed homes at the end of 2020, but 2021 has been marked by large and consistent declines thus far. Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, but there’s a sizable gap–more than 200,000 fresh listings–to make up. With existing inventory of homes for sale continuing to be limited, homebuyers are increasingly turning to new construction, helping to fuel continued increases in new home sales so far this year.
  • Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline. 
  • Time on market was 6 days faster than last year meaning that quick decisions are still the norm, but the pace of quickening again slowed. Buyers will still need to be targeted and decisive to succeed in this fast-moving housing market.

To read the full article, check out https://www.realtor.com/research/weekly-housing-trends-view-data-week-feb-27-2021/ 

Historically the highest Year-to-Date median sale price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.  The 2020 median sales price was $1,200,000.  In February 2021 the median sales price jumped to $1,485,750.  The median sale price had been hovering near 2007’s historic high for most of 2017, 2018, 2019 but now has been setting new records and it is up 24% from February 2020.  The February 2021 average sale price was $2,351,871, up from $2,222,500 in January.

Based on the Santa Barbara Multiple Listing Service, as of March 5th, in the City of Santa Barbara there were 35 active House/PUD listings and 51 pending sales, which equates to a very low .69 month supply (down from .74 in February) of listings for Buyers to choose from.  Generally up to 3 months of inventory would be considered a Seller’s market where demand is high and inventory is scarce, lower than 2 months supply of inventory indicates a heated Seller’s market and lower than 1 month supply indicates a feverish Seller’s market.  Historically a 4 to 5 month supply of available inventory would indicate a fairly well-balanced market between Buyers and Sellers.  Typically a 6+ month supply is considered to be a Buyer’s market where inventory is plentiful; Buyers are slower to make decisions and want to see everything on the market.  Based on Santa Barbara Multiple Listing Service data and as of March 5th, Carpinteria/Summerland had a 1.4 month supply (up from 1.3 in January), Montecito had a 1.5 month supply (dramatically down from 3.9 in February), Goleta had a .32 month supply (down from .62 in February) and Hope Ranch had an amazingly low .43 month supply (down from .56 in February).   These inventory statistics indicate that Santa Barbara, Hope Ranch and Goleta are in a feverish Seller’s market with a month or less of inventory.  Carpinteria/Summerland and Montecito are in a heated Seller’s market.  These supply levels are all extremely low for all of the areas, but it is very interesting to note just how low the supplies are in Montecito with a 1.5 month supply (down from 6.6 months in March 2020) and Hope Ranch with only a .43 month supply (down from 6 months in March 2020).  With a combined total of 127 House/PUD pending sales and only 106 active listings on the South Coast of Santa Barbara County, there is only a .83 month supply of House/PUD listings from which to choose.  With a combined total of  53 Condominium pending sales and only 26 active listings on the South Coast of Santa Barbara County, there is only a .49 month supply of Condominium listings from which to choose.

The ramifications of the concerns about COVID-19 and how it has and will affect our world, government spending in response to COVID-19, home insurance availability and rising premiums, trade tensions, political tensions, the Federal $10,000 limit on State tax deductions and the memories of the fire damage and debris flows in Montecito are concerns to many Sellers and Buyers along the South Coast of Santa Barbara County.  That being said, pent-up demand for homes along the South Coast (from national and international Buyers), low interest rates, and low inventory have boosted real estate values along the South Coast of Santa Barbara County.  COVID-19 has actually increased real estate values as Buyers appear to be flocking to the “safe haven” of the Santa Barbara area.  The current lack of available inventory in all areas along the South Coast is driving values upward.  As always, supply and demand dynamics have and will continue to affect the South Coast of the Santa Barbara Real Estate Market for a long time to come.

Feel free to contact me with any questions.

Stan Tabler, CRS, GRI, ABR, GREEN

Compass

801 Chapala Street

Santa Barbara, CA 93101

805.689.2305

[email protected]

http://www.stantabler.com

CalBRE Brokers License #00774377 since 1980

Santa Barbara Real Estate Buying and Selling Tips

Home-Fire-Hardening-Disclosure-Advisory-4Download

Whether you are a first-time home buyer or a seasoned veteran who has bought and sold properties for decades, buying or selling a home can be a complex process. While I have compiled this list of Santa Barbara Home Buying and Selling Tips as a resource for both buyers and sellers just like you, there is nothing that can replace the guidance provided by a knowledgeable and trusted member of the real estate community. As a Santa Barbara Realtor with more than three decades of experience in the Santa Barbara and surrounding markets, it would be my great pleasure to share my vast experiences with you. Perhaps one of the biggest preparations sellers can make when listing their Santa Barbara CA houses for sale is to get their home ready for buyers’ first impressions. Items such as the walkway, front porch and entryway can be crucial in a buyer’s first impression. Be sure to keep these areas free from clutter, updated and fresh. Kitchens and bathrooms are also known to “sell homes.” These are great areas to consider a few upgrades to maximize your return. As part of the Santa Barbara Real Estate Services I offer to sellers, we will walk through your home together to determine if any updates or changes need to be made to emphasize your home’s most marketable qualities. For buyers, it is important to first ask yourself why you want to buy a home: To stop paying rent? To start building equity? To raise a family? To have a place of your own? To entertain business associates? To move up to a bigger home? Next, you should determine the type of home you would like to have. Be specific and be sure to separate the “needs” from the “wants.” Once you have started this process, it will be imperative to speak with a qualified loan consultant regarding a pre-qualification. These Santa Barbara Home Buying and Selling Tips will assist you in being ready to explore communities and tour homes of interest without going on a wild goose chase.

Should you have any questions about these Santa Barbara Home Buying and Selling Tips, I encourage you to contact me. As a local real estate professional who lives, works and plays within the communities I service, it would be my great pleasure to welcome you to our area or to help you find the perfect buyers for your Santa Barbara home. Please do not hesitate to contact me today. I look forward to hearing from you soon and to earning your trust and business. Let’s get started!

Why is Santa Barbara Real Estate so expensive?

The Santa Barbara County South Coast may be the most attractive area in all of California to live due to its coastal setting, weather and no/slow growth policies which have been legally, and more importantly mentally, in place since 1972. With a total population of just over 200,000 coupled with a job base larger than the number of housing units available, the unrelenting demand for residences far outstrips the limited supply. Demand to live on the South Coast comes not only from local South Coast buyers (who account for 69.1% of the sales), but from North County buyers (1.2%), California buyers (14.7%), Western United States buyers (6.4%), Eastern United States buyers (5.8%) and Buyers from Abroad (2.8%). The South Coast’s Median Home price runs over twice the price of California’s Median Home price. Santa Barbara is a world-class destination and a highly desirable place to live; real estate values are driven by lifestyle choices, not just by economics.

What is the Median Home Selling Price?

The Median Price represents the price point at which half the homes sell for more and half sell for less. The Median Price can fluctuate from month to month depending on the price-mix of homes sold.

Current Price Trends

South Coast of Santa Barbara County

For February 2021

Single Family Residence Market

Median Sales Price = $1,914,000

Lowest Sale Price = $599,000

Highest Sale Price = $19,375,000

Condominium/PUD Market

Median Sales Price = $733,000

Lowest Sale Price = $475,000

Highest Sale Price = $3,600,000

Where can I see Santa Barbara homes for sale?

Just go to “Property Search” to listings currently available in any given price range.

Buying Your Santa Barbara Home

Step 1

Meet with me to get a general overview of the current market and to discuss what you are looking for in a home. Contact Stan by e-mail at [email protected] or on his direct line at (805) 689-2305.

Step 2

Since you will be making a serious financial commitment, your next task is to determine your budget for your investment in Santa Barbara Real Estate. If you need a mortgage, you should start the Pre-Approval process with a local lender and determine your comfort level.

Step 3

Determine the size of Santa Barbara home you will require, or can live with, by identifying the spaces you need for your family’s activities. No house will ever fully live up to your dreams, so you will probably have to make some compromises. Break the process into parts and prioritize those parts. Mentally budget for the parts your really care about!

Step 4

Select target neighborhoods that meet your needs for commuting, shopping access, quality of schools, availability, style and recreational activities. There is an array of possibilities; during this step we will tour homes in a few Santa Barbara neighborhoods to give you a overall view of the area.

Step 5

After determining which Santa Barbara neighborhoods and will fit your desires, we will concentrate your home search in the chosen areas. This may entail e-mailing the new listings to you as they come on the market or calling you with the information.

Step 6

After locating a home acceptable to you, we will prepare an offer to be presented to the Seller. This offer will contain your inspection and financing contingencies.

Step 7

Upon mutual acceptance of your negotiated offer, an escrow will be opened to handle the paperwork and title insurance needed for you to purchase the property. In California, the escrow company is a neutral third party which follows mutually agreed upon instructions from the Buyer and Seller. Your deposit check, which is usually in the amount of 3% of the purchase price, will be deposited into this escrow account.

Step 8

The length of escrow is negotiated in the offer and can be long or short, but the usual length is 30-45 days. Usually the Buyer has a 17 day inspection contingency and the Buyer has the right to inspect the property and review any disclosures the Seller can provide. If the Buyer requires a mortgage, the time frame for removing the loan contingency is usually between 17 and 21 days. These time frames are all negotiable.

Step 9

Assuming that property checks out and you have removed all your contingencies, the balance of your funds is due in escrow the last business day prior to the escrow closing. Property transfers are recorded at 8:00 AM each business day and we usually get confirmation between 10:00 and 2:00, depending on how busy the County Recorder’s office is that particular day. Upon receiving confirmation the Seller usually releases the keys to the Buyer who is then free to occupy their new property.

Santa Barbara South Coast Real Estate Update

March 12, 2021

Direct from the County Recorder’s Office by way of Fidelity National Title, the total number of residential sales on the South Coast of Santa Barbara County was up 7% from 128 in February 2020 to 157 in February 2021.  In February 2021 there were 110 House/PUD (Planned Unit Development) sales, up 20% from 2020, with a median sales price of $1,914,000 and an average sales price of $2,831.259.  In February 2021 there were 27 Condominium sales, down 25% from 2020, with a median sales price of $865,000 and an average sales price of $1,107,652.  There have been a total of 294 residential sales in 2021 (up 6% from 2020), with a median sales price of $1,485,750 (up 34% from 2020) and average sales price of $2,351,871 (up 59% from 2020).

In Carpinteria there were a total of 10 sales in February 2021, up from 9 in January.  In February 2021 the median price of the 6 House/PUD sales was $2,175,000 and the average price was $3,732,500.  In February 2021 the median price of the 4 Condominium sales was $710,000 and the average price was $692,500.  The lowest priced Carpinteria sale in February 2021 was a Condominium on Eighth Street @ $475,000 and the highest was a beachfront House on Sand Point Road @ $12,750,000.

In Summerland there was 1 sale in February 2021, down from 6 in January.  In February 2021 the median and average sales price of the House/PUD sale was $1,850,000.  There were no Condominium sales in February 2021, down from 2 in January.  The single Summerland sale was on Golden Gate Avenue at $1,850,000.

In Montecito there were a total of 28 sales in February 2021, up from 27 in January.  In February 2021 the median price of the 25 House/PUD sales was $4,175,000 and the average price was $5,244,750.  In February 2021 the median price of the 3 Condominium sales was $1,700,000 and the average price was $2,186,667.  The lowest priced Montecito sale in February 2021 was a House on Coyote Road @ $669,000 and the highest was an Estate on E. Mountain Drive @ $19,375,000.

In Santa Barbara there were a total of 57 sales in February 2021, down from 67 in January.  In February 2021 the median price of the 45 House/PUD sales was $1,792,500 and the average price was $2,032,267.  In February 2021 the median price of the 12 Condominium sales was $1,325,000 and the average price was $1,234,383.  The lowest priced Santa Barbara sale in February 2021 was a Condominium on Via Andorra @ $525,000 and the highest was a House on Las Alturas Road @ $5,400,000.

In Hope Ranch there were a total of 7 sales in February 2021, down from 8 in January.  In February 2021 the median price of the 7 House sales was $4,500,000 and the average price was $4,264,286.  There are no PUD’s or Condominiums in Hope Ranch.  The lowest priced Hope Ranch sale in February 2021 was a House on Estrella Drive @ $2,400,000 and the highest was an Estate on Cresta Avenue @ $6,800,000.

In Goleta there were a total of 33 sales in February 2021, down from 41 in January.  In February 2021 the median price of the 25 House/PUD sales was $1,043,500 and the average price was $1,181,120.  In February 2021 the median price of the 8 Condominium sales was $710,000 and the average price was $720,500.  The lowest priced Goleta sale in February 2021 was a Condominium on Calle Real @ $529,000 and the highest was a House on Cambridge Drive @ $2,720,000.

Analysis

The COVID-19 pandemic has not only affected our daily lives, but also how everyone buys and sells real estate.  Open houses and Broker Caravans are not allowed and strict safety protocols are in place for any in-person by appointment only showings of listings.  Due to virus concerns and stay-at-home orders, many Sellers have completely cancelled their listings for a time and this only exacerbated the lack of housing inventory on the market.  While the unemployment rate has leveled off and is slowly heading towards pre-COVID rates, historically low mortgage interest rates and the pent-up Buyer demand for housing is driving values of real estate upward on the South Coast.  It would seem that one of the unanticipated side effects of COVID-19 is that Buyers are fleeing from highly populated areas to more lightly populated areas, such as along the South Coast.  We have been tracking where the Buyers are coming from and at least 43% are coming not only from out of the County, but also many from out of State and a few from out of the Country.

A limited supply of available properties along the South Coast of Santa Barbara County is keeping values higher than one might expect, even taking into account the effects of COVID-19, as compared to many inland areas of California and most areas of the United States.  Along the South Coast of Santa Barbara County as of March 5th there were 106 active House/PUD listings (down from 125 in February) and 26 active Condominium listings available (down from 39 in February).  Historically there has been much more inventory available in the higher price ranges than in the lower ranges; as of February 5th 46% of the 106 active House/PUD listings were located in the higher valued Montecito and Hope Ranch areas.  Compare these current low totals to the inventory levels from 2007 to 2011 when the total number of active listings ranged between 734 and 1,026.  Historically the highest number of active listings along the South Coast was recorded in June of 1992 when there were an astounding 1,297 active listings available.

In 2020 there were only 2 bank-owned sales along the South Coast of Santa Barbara County.  As of March 5th there were no bank owned listings for sale or pending sales on the South Coast of Santa Barbara County.  There was one bank-owned sale in January and now one  February sale on Las Positas Place @ $981,000.  There have been very few distress sales due to home equity rising quickly allowing Owners to “bail out” their financially distressed properties.  To check out California’s foreclosure by county, visit this RealtyTrac link: California Foreclosure Trends by County .

As of January 2021 (the latest monthly data available from CoreLogic), the highest recorded County median sales price in California was in San Mateo County @ $1,300,000 (up 2% from 2020) and the lowest recorded County median sales price was in Siskiyou County @ $185,000 (down 4.4% from 2020).  The median sales price in the County of Santa Barbara was $635,000 (up 15.5% from 2020) while the median sales price in the City of Santa Barbara was $1,560,250 (up 34.6% from 2020).  Other than residential fire-lot sales, the lowest median sales price recorded in any California city was in Needles in San Bernardino County @ $66,500 (down 1.5% from 2020) and the highest was in Atherton in San Mateo County @ $7,000,000 (down 4.1% from 2020).  You could buy 105 median priced Houses in Needles, 11 in the County of Santa Barbara or 4.5 in the City of Santa Barbara for the same price as 1 House in Atherton.  If you care to see a House you can buy in Needles for $45,000, check https://www.realtor.com/realestateandhomes-detail/409-H-St_Needles_CA_92363_M10506-74837 .  If you care to see an Estate you can buy in Atherton for $6,988,000, check https://www.realtor.com/realestateandhomes-detail/35-Edge-Rd_Atherton_CA_94027_M14500-26677 .

The Federal Reserve (the Fed) has maintained a near zero rate since early 2020 due to the negative effects on the economy due to COVID-19. “We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects,” Powell said during a Wall Street Journal conference on March 4th. “That could create some upward pressure on prices. We’re very mindful and I think it’s a constructive thing for people to point out potential risks. I always want to hear that,” he said. “But I do think it’s more likely that what happens in the next year or so is going to amount to prices moving up but not staying up and certainly not staying up to the point where they would move inflation expectations materially above 2%.”  Powell said that he doesn’t expect any move up in prices to be long lasting or enough to change the Fed from its “accommodative monetary policy”.   As of March 5th you could lock in a $510,000 30-year fixed rate loan at 3.125%, up from 2.65% in February.  Historically the lowest 30-year mortgage interest rate since 1970 was recorded in 2012 @ 3.31%, so February 2021’s 2.65% rate is now the new low.  The highest mortgage rate was recorded in 1981 @ 18.63%.  If you were able to obtain a $510,000 mortgage in 1981, your payment would have been $7,949/month; as of March 5th it would be $2,185/month.

Of the 137 sales in February 2021 there were 104 over $1,000,000 which equates to 79.9% of the total sales, up from 69.6% in January.  The South Coast of Santa Barbara is not an inexpensive place to purchase real estate as compared to most areas of the United States, but again many people will pay more to live and invest in Santa Barbara.  According to Forbes the national average for all cash real estate sales is 20%; on the South Coast in February 2021, 29% were cash sales, down from 30% in January.  See the attached list of the 237 properties sold on the South Coast of Santa Barbara County in February 2021 and/or contact me for information on specific sales.

On February 23rd the Conference Board reported that the Consumer Confidence Index stood at 91.3 up from 88.0 in January.  In recent years the highest recent Index level recorded was 137.9 in October 2018 and it was recently as high as 132.6 in February 2020, prior to the COVID-19 pandemic. Historically the highest Consumer Confidence Index level was recorded in September 2000 when the Index stood at 142.5.  “After three months of consecutive declines in the Present Situation Index, consumers’ assessment of current conditions improved in February,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “This course reversal suggests economic growth has not slowed further. While the Expectations Index fell marginally in February, consumers remain cautiously optimistic, on the whole, about the outlook for the coming months. Notably, vacation intentions—particularly, plans to travel outside the U.S. and via air—saw an uptick this month, and are poised to improve further as vaccination efforts expand.”  To review the full report: https://conference-board.org/data/consumerconfidence.cfm .

As for the cost of living as of March 2021, Expatistan compiled an index of 198 major metropolitan areas worldwide.  Expatistan’s list indicates New York, NY @ #4 is the most expensive area in the USA with a Price Index score of 233 (a gallon of regular gas costs $2.75) and the least expensive are #114 San Juan, PR @ 120 ($3.09/gallon) and #112 Memphis, TN @ 122 ($2.09/gallon).  Of the top 25 most expensive areas worldwide, 3 are in California: #6 San Francisco @ 230 ($4.31/gallon), #18 Los Angeles @ 195 ($3.61/gallon) and #25 San Diego @ 188 ($3.29/gallon).  The most expensive area to live in the world is #1 Hamilton (Bermuda) @ 280 ($8.50/gallon) and the least expensive is #198 Tbilisi (Georgia/Russia) @ 52 ($2.96/gallon).  Santa Barbara is not on the list as Expatistan does not rate it as a major metropolitan area, but gas prices are similar to San Francisco’s.  The cost of living list is interesting to check out if you care to compare the cost of living in cities around the world: https://www.expatistan.com/cost-of-living/index .

As of March 4th, Danielle Hale, the Chief Economist at realtor.com, wrote about February’s Housing Trends:

  • Median listing prices grew at 14.0 percent over last year, notching the 29th consecutive week of double-digit price growth. The intractable gap between supply and demand persists, so further price gains are expected until either supply ramps up or demand eases. There are reasons to believe the intensity of this trend could lessen. First, vaccine roll-out is expected to ease seller anxiety which should improve the supply trends throughout the year. Additionally, although they remain low, mortgage rates have begun to increase and are expected to rise further later in the year, thus affordability will challenge buyer demand in the months ahead.  
  • New listings–a measure of sellers putting homes up for sale–continue to fall behind the year ago pace, registering 27 percent lower this week. We saw a clear upswing in newly listed homes at the end of 2020, but 2021 has been marked by large and consistent declines thus far. Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, but there’s a sizable gap–more than 200,000 fresh listings–to make up. With existing inventory of homes for sale continuing to be limited, homebuyers are increasingly turning to new construction, helping to fuel continued increases in new home sales so far this year.
  • Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline. 
  • Time on market was 6 days faster than last year meaning that quick decisions are still the norm, but the pace of quickening again slowed. Buyers will still need to be targeted and decisive to succeed in this fast-moving housing market.

To read the full article, check out https://www.realtor.com/research/weekly-housing-trends-view-data-week-feb-27-2021/ 

Historically the highest Year-to-Date median sale price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.  The 2020 median sales price was $1,200,000.  In February 2021 the median sales price jumped to $1,485,750.  The median sale price had been hovering near 2007’s historic high for most of 2017, 2018, 2019 but now has been setting new records and it is up 24% from February 2020.  The February 2021 average sale price was $2,351,871, up from $2,222,500 in January.

Based on the Santa Barbara Multiple Listing Service, as of March 5th, in the City of Santa Barbara there were 35 active House/PUD listings and 51 pending sales, which equates to a very low .69 month supply (down from .74 in February) of listings for Buyers to choose from.  Generally up to 3 months of inventory would be considered a Seller’s market where demand is high and inventory is scarce, lower than 2 months supply of inventory indicates a heated Seller’s market and lower than 1 month supply indicates a feverish Seller’s market.  Historically a 4 to 5 month supply of available inventory would indicate a fairly well-balanced market between Buyers and Sellers.  Typically a 6+ month supply is considered to be a Buyer’s market where inventory is plentiful; Buyers are slower to make decisions and want to see everything on the market.  Based on Santa Barbara Multiple Listing Service data and as of March 5th, Carpinteria/Summerland had a 1.4 month supply (up from 1.3 in January), Montecito had a 1.5 month supply (dramatically down from 3.9 in February), Goleta had a .32 month supply (down from .62 in February) and Hope Ranch had an amazingly low .43 month supply (down from .56 in February).   These inventory statistics indicate that Santa Barbara, Hope Ranch and Goleta are in a feverish Seller’s market with a month or less of inventory.  Carpinteria/Summerland and Montecito are in a heated Seller’s market.  These supply levels are all extremely low for all of the areas, but it is very interesting to note just how low the supplies are in Montecito with a 1.5 month supply (down from 6.6 months in March 2020) and Hope Ranch with only a .43 month supply (down from 6 months in March 2020).  With a combined total of 127 House/PUD pending sales and only 106 active listings on the South Coast of Santa Barbara County, there is only a .83 month supply of House/PUD listings from which to choose.  With a combined total of  53 Condominium pending sales and only 26 active listings on the South Coast of Santa Barbara County, there is only a .49 month supply of Condominium listings from which to choose.

The ramifications of the concerns about COVID-19 and how it has and will affect our world, government spending in response to COVID-19, home insurance availability and rising premiums, trade tensions, political tensions, the Federal $10,000 limit on State tax deductions and the memories of the fire damage and debris flows in Montecito are concerns to many Sellers and Buyers along the South Coast of Santa Barbara County.  That being said, pent-up demand for homes along the South Coast (from national and international Buyers), low interest rates, and low inventory have boosted real estate values along the South Coast of Santa Barbara County.  COVID-19 has actually increased real estate values as Buyers appear to be flocking to the “safe haven” of the Santa Barbara area.  The current lack of available inventory in all areas along the South Coast is driving values upward.  As always, supply and demand dynamics have and will continue to affect the South Coast of the Santa Barbara Real Estate Market for a long time to come.

Feel free to contact me with any questions.

Stan Tabler, CRS, GRI, ABR, GREEN

Compass

801 Chapala Street

Santa Barbara, CA 93101

805.689.2305

[email protected]

http://www.stantabler.com

CalBRE Brokers License #00774377 since 1980

Santa Barbara Real Estate Market Trends

Santa Barbara South Coast Real Estate Update

March 12, 2021

Direct from the County Recorder’s Office by way of Fidelity National Title, the total number of residential sales on the South Coast of Santa Barbara County was up 7% from 128 in February 2020 to 157 in February 2021.  In February 2021 there were 110 House/PUD (Planned Unit Development) sales, up 20% from 2020, with a median sales price of $1,914,000 and an average sales price of $2,831.259.  In February 2021 there were 27 Condominium sales, down 25% from 2020, with a median sales price of $865,000 and an average sales price of $1,107,652.  There have been a total of 294 residential sales in 2021 (up 6% from 2020), with a median sales price of $1,485,750 (up 34% from 2020) and average sales price of $2,351,871 (up 59% from 2020).

In Carpinteria there were a total of 10 sales in February 2021, up from 9 in January.  In February 2021 the median price of the 6 House/PUD sales was $2,175,000 and the average price was $3,732,500.  In February 2021 the median price of the 4 Condominium sales was $710,000 and the average price was $692,500.  The lowest priced Carpinteria sale in February 2021 was a Condominium on Eighth Street @ $475,000 and the highest was a beachfront House on Sand Point Road @ $12,750,000.

In Summerland there was 1 sale in February 2021, down from 6 in January.  In February 2021 the median and average sales price of the House/PUD sale was $1,850,000.  There were no Condominium sales in February 2021, down from 2 in January.  The single Summerland sale was on Golden Gate Avenue at $1,850,000.

In Montecito there were a total of 28 sales in February 2021, up from 27 in January.  In February 2021 the median price of the 25 House/PUD sales was $4,175,000 and the average price was $5,244,750.  In February 2021 the median price of the 3 Condominium sales was $1,700,000 and the average price was $2,186,667.  The lowest priced Montecito sale in February 2021 was a House on Coyote Road @ $669,000 and the highest was an Estate on E. Mountain Drive @ $19,375,000.

In Santa Barbara there were a total of 57 sales in February 2021, down from 67 in January.  In February 2021 the median price of the 45 House/PUD sales was $1,792,500 and the average price was $2,032,267.  In February 2021 the median price of the 12 Condominium sales was $1,325,000 and the average price was $1,234,383.  The lowest priced Santa Barbara sale in February 2021 was a Condominium on Via Andorra @ $525,000 and the highest was a House on Las Alturas Road @ $5,400,000.

In Hope Ranch there were a total of 7 sales in February 2021, down from 8 in January.  In February 2021 the median price of the 7 House sales was $4,500,000 and the average price was $4,264,286.  There are no PUD’s or Condominiums in Hope Ranch.  The lowest priced Hope Ranch sale in February 2021 was a House on Estrella Drive @ $2,400,000 and the highest was an Estate on Cresta Avenue @ $6,800,000.

In Goleta there were a total of 33 sales in February 2021, down from 41 in January.  In February 2021 the median price of the 25 House/PUD sales was $1,043,500 and the average price was $1,181,120.  In February 2021 the median price of the 8 Condominium sales was $710,000 and the average price was $720,500.  The lowest priced Goleta sale in February 2021 was a Condominium on Calle Real @ $529,000 and the highest was a House on Cambridge Drive @ $2,720,000.

Analysis

The COVID-19 pandemic has not only affected our daily lives, but also how everyone buys and sells real estate.  Open houses and Broker Caravans are not allowed and strict safety protocols are in place for any in-person by appointment only showings of listings.  Due to virus concerns and stay-at-home orders, many Sellers have completely cancelled their listings for a time and this only exacerbated the lack of housing inventory on the market.  While the unemployment rate has leveled off and is slowly heading towards pre-COVID rates, historically low mortgage interest rates and the pent-up Buyer demand for housing is driving values of real estate upward on the South Coast.  It would seem that one of the unanticipated side effects of COVID-19 is that Buyers are fleeing from highly populated areas to more lightly populated areas, such as along the South Coast.  We have been tracking where the Buyers are coming from and at least 43% are coming not only from out of the County, but also many from out of State and a few from out of the Country.

A limited supply of available properties along the South Coast of Santa Barbara County is keeping values higher than one might expect, even taking into account the effects of COVID-19, as compared to many inland areas of California and most areas of the United States.  Along the South Coast of Santa Barbara County as of March 5th there were 106 active House/PUD listings (down from 125 in February) and 26 active Condominium listings available (down from 39 in February).  Historically there has been much more inventory available in the higher price ranges than in the lower ranges; as of February 5th 46% of the 106 active House/PUD listings were located in the higher valued Montecito and Hope Ranch areas.  Compare these current low totals to the inventory levels from 2007 to 2011 when the total number of active listings ranged between 734 and 1,026.  Historically the highest number of active listings along the South Coast was recorded in June of 1992 when there were an astounding 1,297 active listings available.

In 2020 there were only 2 bank-owned sales along the South Coast of Santa Barbara County.  As of March 5th there were no bank owned listings for sale or pending sales on the South Coast of Santa Barbara County.  There was one bank-owned sale in January and now one  February sale on Las Positas Place @ $981,000.  There have been very few distress sales due to home equity rising quickly allowing Owners to “bail out” their financially distressed properties.  To check out California’s foreclosure by county, visit this RealtyTrac link: California Foreclosure Trends by County .

As of January 2021 (the latest monthly data available from CoreLogic), the highest recorded County median sales price in California was in San Mateo County @ $1,300,000 (up 2% from 2020) and the lowest recorded County median sales price was in Siskiyou County @ $185,000 (down 4.4% from 2020).  The median sales price in the County of Santa Barbara was $635,000 (up 15.5% from 2020) while the median sales price in the City of Santa Barbara was $1,560,250 (up 34.6% from 2020).  Other than residential fire-lot sales, the lowest median sales price recorded in any California city was in Needles in San Bernardino County @ $66,500 (down 1.5% from 2020) and the highest was in Atherton in San Mateo County @ $7,000,000 (down 4.1% from 2020).  You could buy 105 median priced Houses in Needles, 11 in the County of Santa Barbara or 4.5 in the City of Santa Barbara for the same price as 1 House in Atherton.  If you care to see a House you can buy in Needles for $45,000, check https://www.realtor.com/realestateandhomes-detail/409-H-St_Needles_CA_92363_M10506-74837 .  If you care to see an Estate you can buy in Atherton for $6,988,000, check https://www.realtor.com/realestateandhomes-detail/35-Edge-Rd_Atherton_CA_94027_M14500-26677 .

The Federal Reserve (the Fed) has maintained a near zero rate since early 2020 due to the negative effects on the economy due to COVID-19. “We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects,” Powell said during a Wall Street Journal conference on March 4th. “That could create some upward pressure on prices. We’re very mindful and I think it’s a constructive thing for people to point out potential risks. I always want to hear that,” he said. “But I do think it’s more likely that what happens in the next year or so is going to amount to prices moving up but not staying up and certainly not staying up to the point where they would move inflation expectations materially above 2%.”  Powell said that he doesn’t expect any move up in prices to be long lasting or enough to change the Fed from its “accommodative monetary policy”.   As of March 5th you could lock in a $510,000 30-year fixed rate loan at 3.125%, up from 2.65% in February.  Historically the lowest 30-year mortgage interest rate since 1970 was recorded in 2012 @ 3.31%, so February 2021’s 2.65% rate is now the new low.  The highest mortgage rate was recorded in 1981 @ 18.63%.  If you were able to obtain a $510,000 mortgage in 1981, your payment would have been $7,949/month; as of March 5th it would be $2,185/month.

Of the 137 sales in February 2021 there were 104 over $1,000,000 which equates to 79.9% of the total sales, up from 69.6% in January.  The South Coast of Santa Barbara is not an inexpensive place to purchase real estate as compared to most areas of the United States, but again many people will pay more to live and invest in Santa Barbara.  According to Forbes the national average for all cash real estate sales is 20%; on the South Coast in February 2021, 29% were cash sales, down from 30% in January.  See the attached list of the 237 properties sold on the South Coast of Santa Barbara County in February 2021 and/or contact me for information on specific sales.

On February 23rd the Conference Board reported that the Consumer Confidence Index stood at 91.3 up from 88.0 in January.  In recent years the highest recent Index level recorded was 137.9 in October 2018 and it was recently as high as 132.6 in February 2020, prior to the COVID-19 pandemic. Historically the highest Consumer Confidence Index level was recorded in September 2000 when the Index stood at 142.5.  “After three months of consecutive declines in the Present Situation Index, consumers’ assessment of current conditions improved in February,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “This course reversal suggests economic growth has not slowed further. While the Expectations Index fell marginally in February, consumers remain cautiously optimistic, on the whole, about the outlook for the coming months. Notably, vacation intentions—particularly, plans to travel outside the U.S. and via air—saw an uptick this month, and are poised to improve further as vaccination efforts expand.”  To review the full report: https://conference-board.org/data/consumerconfidence.cfm .

As for the cost of living as of March 2021, Expatistan compiled an index of 198 major metropolitan areas worldwide.  Expatistan’s list indicates New York, NY @ #4 is the most expensive area in the USA with a Price Index score of 233 (a gallon of regular gas costs $2.75) and the least expensive are #114 San Juan, PR @ 120 ($3.09/gallon) and #112 Memphis, TN @ 122 ($2.09/gallon).  Of the top 25 most expensive areas worldwide, 3 are in California: #6 San Francisco @ 230 ($4.31/gallon), #18 Los Angeles @ 195 ($3.61/gallon) and #25 San Diego @ 188 ($3.29/gallon).  The most expensive area to live in the world is #1 Hamilton (Bermuda) @ 280 ($8.50/gallon) and the least expensive is #198 Tbilisi (Georgia/Russia) @ 52 ($2.96/gallon).  Santa Barbara is not on the list as Expatistan does not rate it as a major metropolitan area, but gas prices are similar to San Francisco’s.  The cost of living list is interesting to check out if you care to compare the cost of living in cities around the world: https://www.expatistan.com/cost-of-living/index .

As of March 4th, Danielle Hale, the Chief Economist at realtor.com, wrote about February’s Housing Trends:

  • Median listing prices grew at 14.0 percent over last year, notching the 29th consecutive week of double-digit price growth. The intractable gap between supply and demand persists, so further price gains are expected until either supply ramps up or demand eases. There are reasons to believe the intensity of this trend could lessen. First, vaccine roll-out is expected to ease seller anxiety which should improve the supply trends throughout the year. Additionally, although they remain low, mortgage rates have begun to increase and are expected to rise further later in the year, thus affordability will challenge buyer demand in the months ahead.  
  • New listings–a measure of sellers putting homes up for sale–continue to fall behind the year ago pace, registering 27 percent lower this week. We saw a clear upswing in newly listed homes at the end of 2020, but 2021 has been marked by large and consistent declines thus far. Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, but there’s a sizable gap–more than 200,000 fresh listings–to make up. With existing inventory of homes for sale continuing to be limited, homebuyers are increasingly turning to new construction, helping to fuel continued increases in new home sales so far this year.
  • Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline. 
  • Time on market was 6 days faster than last year meaning that quick decisions are still the norm, but the pace of quickening again slowed. Buyers will still need to be targeted and decisive to succeed in this fast-moving housing market.

To read the full article, check out https://www.realtor.com/research/weekly-housing-trends-view-data-week-feb-27-2021/ 

Historically the highest Year-to-Date median sale price recorded on the Santa Barbara South Coast was recorded in 2007 at $1,031,500.  The 2020 median sales price was $1,200,000.  In February 2021 the median sales price jumped to $1,485,750.  The median sale price had been hovering near 2007’s historic high for most of 2017, 2018, 2019 but now has been setting new records and it is up 24% from February 2020.  The February 2021 average sale price was $2,351,871, up from $2,222,500 in January.

Based on the Santa Barbara Multiple Listing Service, as of March 5th, in the City of Santa Barbara there were 35 active House/PUD listings and 51 pending sales, which equates to a very low .69 month supply (down from .74 in February) of listings for Buyers to choose from.  Generally up to 3 months of inventory would be considered a Seller’s market where demand is high and inventory is scarce, lower than 2 months supply of inventory indicates a heated Seller’s market and lower than 1 month supply indicates a feverish Seller’s market.  Historically a 4 to 5 month supply of available inventory would indicate a fairly well-balanced market between Buyers and Sellers.  Typically a 6+ month supply is considered to be a Buyer’s market where inventory is plentiful; Buyers are slower to make decisions and want to see everything on the market.  Based on Santa Barbara Multiple Listing Service data and as of March 5th, Carpinteria/Summerland had a 1.4 month supply (up from 1.3 in January), Montecito had a 1.5 month supply (dramatically down from 3.9 in February), Goleta had a .32 month supply (down from .62 in February) and Hope Ranch had an amazingly low .43 month supply (down from .56 in February).   These inventory statistics indicate that Santa Barbara, Hope Ranch and Goleta are in a feverish Seller’s market with a month or less of inventory.  Carpinteria/Summerland and Montecito are in a heated Seller’s market.  These supply levels are all extremely low for all of the areas, but it is very interesting to note just how low the supplies are in Montecito with a 1.5 month supply (down from 6.6 months in March 2020) and Hope Ranch with only a .43 month supply (down from 6 months in March 2020).  With a combined total of 127 House/PUD pending sales and only 106 active listings on the South Coast of Santa Barbara County, there is only a .83 month supply of House/PUD listings from which to choose.  With a combined total of  53 Condominium pending sales and only 26 active listings on the South Coast of Santa Barbara County, there is only a .49 month supply of Condominium listings from which to choose.

The ramifications of the concerns about COVID-19 and how it has and will affect our world, government spending in response to COVID-19, home insurance availability and rising premiums, trade tensions, political tensions, the Federal $10,000 limit on State tax deductions and the memories of the fire damage and debris flows in Montecito are concerns to many Sellers and Buyers along the South Coast of Santa Barbara County.  That being said, pent-up demand for homes along the South Coast (from national and international Buyers), low interest rates, and low inventory have boosted real estate values along the South Coast of Santa Barbara County.  COVID-19 has actually increased real estate values as Buyers appear to be flocking to the “safe haven” of the Santa Barbara area.  The current lack of available inventory in all areas along the South Coast is driving values upward.  As always, supply and demand dynamics have and will continue to affect the South Coast of the Santa Barbara Real Estate Market for a long time to come.

Feel free to contact me with any questions.

Stan Tabler, CRS, GRI, ABR, GREEN

Compass

801 Chapala Street

Santa Barbara, CA 93101

805.689.2305

[email protected]

http://www.stantabler.com

CalBRE Brokers License #00774377 since 1980

Final Goleta Home Buying Walk Through

You’ve found the home of your dreams, negotiated the contract and you’ve been running around making plans and getting ready to move – closing is just days away! There are just a few more steps before the keys to your new Goleta Real Estate are in your hands. One of these important steps is the Final Goleta Home Buying Walk Through. There is a lot that can happen in the final days before closing. Movers may have damaged a wall or the floor during the seller’s move, perhaps the curtains you negotiated into the deal have been taken down, or maybe the previous owner left the garage full of boxes and trash. Anything can happen, which is why it is imperative to complete a final walk through whether you are Buying a Second Home or Vacation Home or are moving into your primary residence.  Here are a few tips to remember when touring the home for the final time:

  1. Check steps, sidewalks, driveways and patios for any noticeable change.
  2. Verify the condition of doors and windows, including locks.
  3. Check garage door and openers, as well as exterior lights and motion-activated lights.
  4. Flush all toilets and check all faucets.
  5. Check all appliances to ensure they are in working order, including water heater.
  6. Check ceilings, walls and floors for any new damage.
  7. Verify heating and air is operational.
  8. Ensure all negotiated terms from the contract are present and in the expected condition.
  9. Ensure that all the seller’s personal items and debris have been removed from the property.

As your Goleta Realtor, one of my responsibilities to both buyers and sellers is to ensure that this Final Goleta Home Buying Walk Through is completed to everyone’s satisfaction. If you’re considering the purchase or sale of a Goleta home or any property in the Santa Barbara area, it would be my pleasure to discuss the final walk through and many other details with you.

With more than three decades of real estate experience within this community, I have helped countless numbers of buyers and sellers reach their real estate goals. Whether you’d like more information on the Final Goleta Home Buying Walk Through or would like to speak with me to learn more about the community and its real estate, please do not hesitate to contact me today! I look forward to hearing from you soon.

Montecito Real Estate Closing Process

What’s next? After you have worked tirelessly to find the home of your dreams, it’s time for the closing process to begin. Simply put, closing occurs when you sign the papers to make the house yours. However, before that day arrives the Montecito Real Estate Closing Process involves several important steps that are put in place to protect all parties. As your Montecito Real Estate Agent, it would be my pleasure to guide you and assist you throughout the entire process from beginning to end.

 

  1. Open Escrow – Escrow is an account held by a third party. This third party will hold the escrow amount you agreed upon in your purchase agreement until closing.
  2. Title Search and Title Insurance – When purchasing Montecito California Real Estate, title search and insurance provide peace of mind and legal safeguard so that when you buy a property, no one else can try to claim it as theirs later. A title officer will perform the search to make sure there are no clouds on the title.
  3. Appraisal – A lender will want to make sure you’re borrowing an amount equal or less than the home’s market value.
  4. Home Inspection – While a home inspection is not required, most buyers will choose to have an inspection to ensure they understand the condition of the home they are purchasing. If there are serious problems uncovered during inspection, you will generally have the opportunity to renegotiate or back out of the agreement.
  5. Final Walkthrough – This is one of the last steps before you sign closing papers to ensure no damage has occurred and nothing has been removed that is included in the purchase.
  6. Closing Day – It is imperative to review each closing document thoroughly before completing the Montecito Real Estate Closing Process. Generally, the buyer and seller, as well as their agents, will be present at the closing. Once all legal documents are signed, the title company will officially record the deed and other legal documents with the appropriate government agencies.

These are the very basic steps of the Montecito Real Estate Closing Process. It is important to remember that each purchase or sale is unique and that it is always in your best interest to have a local real estate professional assist you from beginning to end. Please take a moment to browse my blog and my website and let me know if you have any questions or if I can be of any assistance. You may also enjoy my recent Montecito Real Estate Market Report. There has never been a better time to consider the purchase of Montecito real estate. Contact me at your convenience to learn more!

Santa Ynez Home Buyers and Sellers Checklist

Overwhelmed? Taking care of all the little details when it comes time to purchase or sell your Santa Ynez Valley Homes can seem daunting. There are many factors to consider and deadlines to meet to ensure your transaction stays on track. As a local real estate professional that has been assisting buyers and sellers just like you for more than forty years, I’ve developed a Santa Ynez Home Buyers and Sellers Checklist to assist you.

 

Santa Ynez Home Buyers and Sellers Checklist For Buyers:

  • Determine how much you can spend by speaking with a knowledgeable mortgage consultant. This may include checking your credit reports and learning how much you can borrow.

  • Find a local real estate professional that has the in-depth community knowledge today’s Santa Ynez Valley homebuyer needs.

  • Research potential neighborhoods. Begin making a list of features you want in a home, and start house hunting with your Realtor.

  • Make an offer.

  • Get an inspection, appraisal and begin working towards the closing process.

 

Santa Ynez Home Buyers and Sellers Checklist For Sellers:

  • Educate yourself about the current market data and trends in your neighborhood

  • Prepare your home. Clean and de-clutter all areas of the home. Speak with your Realtor about any changes or upgrades that may need to be addressed before placing your home for sale.

  • Price your home to sell. Take time to discuss this thoroughly with your Realtor.

  • Work to keep you home clean and tidy so you are always ready for showings.

  • Be realistic with all offers and take the emotions out of your decision.

These are just a few steps that you and your Realtor will need to take to ensure your transaction is as smooth and successful as possible. If you are investing in property, I encourage you to also read by blog entitled: Santa Ynez Investment Properties Do and Don’t List. If you’re ready to start browsing the real estate market or would like to discuss selling your Santa Ynez home, contact me today! I am always available for consultation and look forward to sharing my wonderful community with you! Let’s get started today.

Santa Ynez Investment Properties Do and Don’t List

Offering world-class wineries, verdant vineyards, sprawling ranches and six small towns, the Santa Ynez Valley is praised by locals and visitors alike for its rural-agricultural heritage and sophisticated “wine country” ambiance. In spite of the area’s relaxed atmosphere, Santa Ynez Valley Real Estate allows residents to enjoy an active lifestyle including golf, biking, hiking and horseback riding, as well as excellent fishing at nearby Lake Cachuma. An ideal location for investment, I have compiled this Santa Ynez Investment Properties Do and Don’t List for your convenience.

 

When considering the purchase of any investment property, it is important to complete a Santa Ynez Home Buyers and Sellers Checklist to ensure you stay focused and to move efficiently through the transaction. Here are a few investment pointers:

 

  • Do analyze your finances and make sure you can take on an investment property at this time.

  • Do make sure you are prequalified for a loan.

  • Do hire a knowledgeable and respected real estate professional, and be sure to research the current market in the community of your choice.

  • Do make sure you fully inspect properties to ensure that there are no large issues that will significantly change the total cost of your investment.

  • Don’t overestimate the value of rental properties. Your property may sit vacant for some time and you will need to account for this.

  • Don’t get invested emotionally in the process.

  • Don’t rush through the process. Take your time to find the investment that suits your wants and needs.

  • Don’t rely on seller’s documentations. Always have a third party verify title.

 

These are just a few tips to place on your Santa Ynez Investment Properties Do and Don’t List. It is important to remember that each house and each transaction are unique and that the guidance of a local real estate professional in these cases can be vital to your success.

 

As your Santa Ynez Valley Realtor, please do not hesitate to contact me if you have any questions about the Santa Ynez Investment Properties Do and Don’t List or any of the information you find on my website. I’d love to hear from you and look forward to helping you find the investment property that not only suits your needs, but that also exceeds your expectations. Let’s get started today!

Entertainment in Carpinteria and Summerland California Area

Positioned quietly between Ventura and Santa Barbara County, Carpinteria is a small, enchanting ocean-side town that is renowned for its exceptional bluffs and seemingly endless beaches. Entertainment in Carpinteria & Summerland California Area includes everything from surf and sea right outside your front door to bike riding, camping, a walk along the Salt Marsh Reserve, fine dining, world-class shopping and much, much more.

 

Carpinteria Real Estate allows residents and visitors alike to participate in endless recreational, social and cultural activities throughout the year. One great example is the highly celebrated Avocado Festival. Each year the festival can be found along Linden Avenue with everything from award winning guacamole to homemade avocado ice cream. Speaking of food, you will also find a wealth of great restaurants including Carp’s one-stop hamburger shack, Robitaille’s Fine Candies, Island Brewing Company, Cajun Kitchen Café and Hugos Restaurant. You will also find Hollandia Produce, an organic produce company, rounding off the shopping and Entertainment in Carpinteria & Summerland California Area.

 

Other fantastic sources of Entertainment in Carpinteria & Summerland California Area are the many hiking trails and hot springs found in the neighboring community of Ojai, the events and activities at the Santa Barbara Polo Fields and of course the endless beaches and ocean waves.

 

As your Carpinteria and Summerland Realtor, it would be my pleasure to introduce you to the area and to the many activities, amenities and luxuries found here. I encourage you to browse my website at your convenience and look forward to assisting you with any and all your real estate needs. You may also be interested in my recent blog entitled: How Do I Price My Carpinteria and Summerland Home? Contact me today to get started whether buying, selling or investing!

How Do I Price My Carpinteria and Summerland Home?

When it comes to putting your Carpinteria and Summerland Real Estate on the market, determining the right asking price is one of the most important decisions you and your Realtor will make. If you’re asking the question –  “How Do I Price My Carpinteria and Summerland Home?” – you’re headed in the right direction. With the help of a qualified and experienced Carpinteria Real Estate Agent, you should have no problem setting the right price for your home and attracting more potential buyers to your property.

 

When determining the appropriate asking price, real estate professionals take several things into consideration. Some of these include: comparable listings and sales, withdrawn and expired listings, pending sales, square foot cost comparisons and the overall condition of the local market. Once these items have been reviewed, a good Realtor will be able to answer: “How Do I Price My Carpinteria and Summerland Home.”

 

As a seller, it is also important to look at the selling of your home as objectively as possible and to try to keep emotions out of the equation. Equally as important is to remember that pricing your home too high could have a very negative impact on the marketability of your home. By setting a price that is too high, your home could likely become “stale” in the market and will need to be removed from the market for a period of time. If the property is priced too high and sits too long, potential buyers will think negatively of the property. Therefore, in order to get your home sold in the quickest possible time period, it is important for you to give serious consideration to the price suggested by your Realtor.

 

If you’re still wondering, “How Do I Price My Carpinteria and Summerland Home?” or would like to learn more about Entertainment in Carpinteria & Summerland California Area, I encourage you to browse my website and blog at your leisure. Please contact me if you have any questions. It would be my great pleasure to help you with any and all of your real estate goals!

Vacationing in Montecito California & The Santa Barbara Area

“Little mountain, little forest” – the ideal name for this exceptional area of winding, tree-shaded lanes reminiscent of an English countryside. The small, upscale beach community of Montecito, California has long been renowned for its exceptional beach access, beautiful boutiques, cafes and restaurants, and for the unparalleled luxury Montecito Real Estate found throughout the community. If you are considering Vacationing in Montecito California & The Santa Barbara Area, you will find endless beaches, from Butterfly Beach down to Fernald’s Point, on which to enjoy a long leisurely stroll in the sun and a dip in the Pacific Ocean.

Today, many who vacation in the area are considering the purchase of a Montecito Vacation Home. With interest rates at an all-time low and a myriad of exceptional real estate opportunities available throughout Montecito and Santa Barbara, there has never been a better time to make the dream of owning a beachfront property a reality. Whether you are looking for a luxury estate-sized home right on the ocean or a quiet condominium tucked away from the hustle and bustle, Montecito and the Santa Barbara area have it all. Montecito also offers exceptional shopping opportunities at both the “Lower Village” on Coast Village Road and the “Upper Village” on East Valley Road.

When thinking about purchasing a home for use when Vacationing in Montecito California & The Santa Barbara Area, it is important to understand that a home can be much more valuable if it’s rentable. You may think you’ll keep the retreat all to yourself, but it is smart to shop as though you are going to rent the home out. As a local real estate professional with more than 30 years of experience in this community, I can help you find the property to not only meet your needs, but to also exceed your expectations.

I encourage you to browse my blog and my website at your leisure to learn more about Vacationing in Montecito California & The Santa Barbara Area as well as to learn more about our community including the Montecito Real Estate Closing Process. Should you have any questions or would like to speak with me regarding your specific needs, please do not hesitate to contact me directly! Let’s get started today!


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Contact Stan

Stan Tabler, CRS, GRI, ABR
Realtor of the Year
Compass California
DRE #00774377 since 1980
801 Chapala Street
Santa Barbara, CA 93101
(805) 689-2305
[email protected]