Spring is here and along with it is one of the most exciting times to be in Santa Barbara. The Zia Group’s First Quarter for 2016 commenced with 15 sales, more than any other team in the prestigious Santa Barbara area. During the first quarter of this year, the volume of single-family residences coming on the market increased 6% from this time last year. The volume in which these homes traded hands decreased by 7% from the first quarter of 2015, with 213 sales, while the median sales price increased by 11% during the same period, at an average valuation of $785/SF.
The condo market is experiencing historically high sales values that continue to appreciate with the average price increasing by 18% to $911,237 compared to this same time last year. This represents an average valuation of $614/SF, which is also a 14% increase over the fourth quarter of last year. The sales pace, however, has declined during the first quarter of 2016, with 85 transactions recorded, a 35% decrease from the fourth quarter of 2015.
Looking forward, we expect to see continued growth in both volume and sales prices for the Santa Barbara markets. The luxury market typically has its quietest season in the first quarter, but as we head into the second quarter we expect the market to heat up with more out-of-town and international buyers looking to make Santa Barbara home. With 2016 still just getting started, the Zia Group will be here for you as Santa Barbara’s premier real estate team.