Dear Homeowner and Investment property owner, here is some“NEWS YOU CAN USE” about our local Real Estate Market:
The seller’s market is dominating in “Goleta South” (ocean side of the freeway) as buyers outnumber available properties by a wide margin:
Number of sales: Home and condominium sales year-to-date are equal compared to last year, at 50 and 90 respectively. Inventory for condominiums is about the same as last year. Single family home inventory is down to 104 units vs. 144 units at this time last year.**
Price of sales: The median price condominium in Goleta South is currently $442,500. Last year it was $285,000. For single family homes the median price is currently $692,500 compared to $592,900 over the same period last year. Both condos and homes are selling at an average of 2% OVER their asking price!
House Flipping: Found throughout the Goleta and Santa Barbara market areas. Investors are purchasing the dwindling numbers of distressed properties, trustee sales, or short sales (almost non-existent now), rehabilitating and re-selling within 90 days for stunning profits. Many of these homes are top to bottom remodels completed by skilled professionals, providing buyers with a virtually new home.
Rental Market: Rental rates for condos and houses in the Ellwood, Santa Barbara Shores, and University Village areas have all risen the past 12 months due to high demand and low inventory. Good quality rentals in top condition are going for a premium, often a few hundred dollars per month higher than just 18 months ago. Your rental property “close to UCSB” will remain attractive for faculty, staff, graduate students, and professionals from the many tech and engineering firms in Goleta.
Duplex sales are solidly on the rebound in Goleta and Santa Bar- bara. Two recent duplex sales in Isla Vista closed at $780,000. In University Village 7337 Lowell Way sold for $850,100 in August. One currently listed “Hidden Valley” duplex, a competing market area to University Village, is priced at $1,250,000.
**UCSB faculty housing at the Ocean Walk Phase II, near the former Ocean Meadows Golf Course, 37 units, is not included here since they are not listed for sale in the MLS, however they are about 75% sold out. When added into the mix of MLS properties available for sale, the inventory numbers for condominiums would exceed last years levels significantly. Ocean Walk sits on leased land, has re-sale price controls and other deed restrictions.
If you are considering an exchange, sale, or purchase, please call me to help you out. I am an expert in real estate sales in the Ellwood/Santa Barbara Shores/University Village areas. This area has really come into its own in recent years with Camino Real Marketplace, Girsh Park, the Ellwood preserve, beach, recreation, employment opportunities…it’s all accessible quickly. To own and live here is highly desirable!
Condominiums and houses currently for sale
|Active||452 Linfield #D||$459,000||2||1||1008||6|
|Active||7185 Emily Ln||665,000||3||2.5||1981||6|
|Active||245 Big Sur Dr||719,000||3||2||1076||16|
|Active||492 Pacific Oaks Rd||897,500||3||2||1682||42|
|Pending||484 Linfield Pl C||375,000||2||1||959||2|
|Pending||588 Mills Way||475,000||2||2||1056||19|
|Pending||200 Cannon Green Dr||500,000||3||2||1310||1|
|Pending||7309 Lowell Way||539,000||2||2||1207||5|
|Pending||7195 Emily Ln||600,000||2||3||1411||11|
|Pending||284 Coronado Dr||650,900||5||2||1810||15|
|Pending||7199 Emily Ln||699,000||3||3||1881||9|
|Pending||7624 Hollister Ave||449,500||3||2||1370||12|
|Pending||7540 Newport Dr||769,000||3||2||1357||3|
Closed Sales, Condominiums and houses
|Address||Sold Price||BR||Baths||Sq. ft.||DOM||Sale Date|
|7634 Hollister Ave 126||$314,000||1||1||622||7||9/18/13|
|7638 Hollister Ave 264||$390,000||2||2||960||12||7/26/13|
|7632 Hollister Ave 347||$400,000||1||1||870||26||8/8/13|
|426 Mills Way C||$430,000||2||1||929||6||8/22/13|
|371 Cannon Green Dr H||$439,000||3||2||1158||1||6/28/13|
|7636 Hollister Ave 261||$420,000||2||2||960||11||8/13/13|
|173 Ellwood Station||$474,000||2||2.5||1134||30||7/26/13|
|538 Mills Way||$475,000||2||2||1056||4||6/25/13|
|413 Cannon Green Dr C||$500,000||3||3||1462||6||6/27/13|
|7102 Phelps Rd||$605,000||2||2.5||1411||5||7/5/13|
|350 La Salle Rd||$640,000||3||2.5||1881||4||6/27/13|
|281 Big Sur Dr||$700,000||3||2||1300*||8||8/16/13|
|7353 Elmhurst Pl||$677,500||4||2||1215||9||8/9/13|
|301 Pacific Oaks Rd||$640,000||3||2.5||1881||26||9/13/13|
|7526 Astoria Pl||$750,000||3||2||1234||9||6/28/13|
|7244 Fordham Pl||$775,000||3||2||2079||61||7/31/13|
2013 continues to be a stellar year for home values in Goleta and Santa Barbara. Prices have jumped about $100,000 for homes from what they were just 1 year ago. Asking prices of new listings are even higher than recent comparable sales 60-90 days ago.