Real estate in 2019 is off and running in Carpinteria. One quarter is behind us as April comes to a close.
Taking a macro look at our small market, this year started with many single-family home sales. During the first quarter, 30 single-family homes were sold, a number far greater than the previous three years. What’s interesting is that many of these sales have been at a higher price point bringing our average home sales price up. Additionally, the number of sales that occurred off-market is unusual—10 out of the 30 homes were sold off-market.
At the same time, our condo market has stayed consistent and has not seen the same push. This year’s number of sales has remained consistent with the previous three years. There were 14 sales in the first quarter, which tracks consistently with 2016 through 2018. The notable change for the condo market is the drop in the median sales price. There has not been a price decrease but a change in the price-mix of condos sold. For the first quarter of 2019, five condos sold below $500,000, which brought down the median sales price. In comparison, in 2018, there was only one sale below $500,000 in the first quarter.
Now we are heading into the best time of the year, even though we must share our town and beaches with seasonal visitors. With interest rates back down and taxes behind us, as we head into summer, the market appears to be heating up. Hopefully, the rest of the year is a good one for all of us and for real estate.