The short answer, for South Santa Barbara County, is that prices are almost back to the 2007 market high. It is predicted by leading economist and analysts that the housing market will continue a slow/modest increase in prices for approximately the next 2 years…and after that? Don’t we wish we knew…
I like for the numbers to speak for themselves though, and Fidelity Title has helped us out by compiling the numbers for us:
January – August of 2007 vs 2016:
January – August of 2015 vs 2016 (so we can see the improvement over last year):
There are some neighborhoods though, that seem to have surpassed the 2007 prices…the area around Mountain View School being one of those neighborhoods.
Lastly, here’s an update on the market from the CAR Housing Market Forecast:
“California’s housing market will post a nominal increase in 2017, as supply shortages and affordability constraints hamper market activity”, according to the ‘2017 California Housing Market Forecast,’ released last week by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
- The C.A.R. forecast sees a modest increase in existing home sales of 1.4 percent next year to reach 413,000 units, up slightly from the projected 2016 sales figure of 407,300 homes sold. Sales in 2016 also will be virtually flat at 407,300 existing, single-family home sales, compared with the 408,800 pace of homes sold in 2015.
- The California median home price is forecast to increase 4.3 percent to $525,600 in 2017, following a projected 6.2 percent increase in 2016 to $503,900, representing the slowest rate of price appreciation in six years per C.A.R.
- “With the California economy continuing to outperform the nation, the demand for housing will remain robust even with supply and affordability constraints still very much in evidence. The net result will be California’s housing market posting a modest increase in 2017,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The underlying fundamentals continue to support overall home sales growth, but headwinds, such as global economic uncertainty and deteriorating housing affordability, will temper stronger sales activity.”
If you are considering buying or selling a home in Santa Barbara, Goleta, Montecito or Carpinteria give me a CALL!