Hope Ranch Real Estate Market Update | October 2016

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Sold – Hope Ranch Real Estate

Hope Ranch in Santa Barbara had 1 closed sale in October for $1,500,000. The home was located at 875 Las Palmas Drive and was a great opportunity for a buyer who was looking to invest some TLC. This Hope Ranch property sold for 89% of its original list price of $1,679,000 and was on the market for 73 days.

In Escrow – Hope Ranch Real Estate

We witnessed 3 Hope Ranch properties entering escrow in the month of October. The average list price was $3,131,667. The average cumulative days that these homes were on the market prior to entering escrow was 203 days.

Actively For Sale – Hope Ranch Real Estate
Inventory of available Hope Ranch homes is increasing. There are a total of 24 Hope Ranch properties for sale within the community, which translates to 15 months of inventory. 6 of these properties were newly introduced in October. The average asking price for homes currently listed for sale in Hope Ranch is $8,430,000. Originally, the average list price for these 24 homes was $9,346,875, which means that sellers have reduced their prices by approximately 10% from the time their homes initially arrived on the market. Lastly, the median list price $4,770,000.

Hope-Ranch-Santa-Barbara-October-2016-Real-Estate-Market-UpdateA few fun facts comparing sold properties in Hope Ranch in 2016 versus sold properties in 2007 (this year was chosen as this was the previous peak of real estate values):

2016
average days on market: 96
average original list price: $3,633,319
average sale price: $3,234,762
average sale price to original list price: 89%
median sale price: $2,850,000
sold volume as of 10/31/2016: 19 homes
most expensive home sold: $6,300,000

2007
average days on market: 102
average original list price: $5,110,962
average sale price: $4,735,606
average sale price to original list price: 96%
median sale price: $3,275,000
sold volume: 34 homes
most expensive home sold: $15,000,000

For a complete overview of the Hope Ranch real estate market, please visit: www.DanielandErinSB.com/Hope-Ranch.

If you have any questions about the condition of the Hope Ranch real estate market or are curious what your home is worth, please contact us. We’re here to be your go-to resource for all of your real estate needs.