Here is a great simple graph that looks at the overall average selling prices for homes here in the Santa Barbara area. The graph breaks down the prices into the main neighborhoods of Santa Barbara…Montecito, Santa Barbara proper, Carpinteria / Summerland, Hope Ranch and Goleta.
One of the first obvious looks shows that our high end properties are really starting to see a big increase in demand. Both Hope Ranch and Montecito have seen prices increase a good amount in the last 12-18 months. Demand in our very high end market (roughly $5 million and above) has been very strong since early 2012.
The graph also tends to show that the other areas of Santa Barbara seem pretty stable, but this does not tell the overall story of what has happened in the last 4-6 months. In the first few months of 2012, we were still at the bottom of the market and homes were difficult to sell. Since about May / June, the real estate market across the board has changed dramatically here and we are seeing prices overall about 8-10% higher than earlier in the year.
Here below is another quick look at Santa Barbara proper. Again, the graph will show the average prices being down compared to a year ago. A lot of this price preasure downward is weighed heavily by the low prices that we had at the beginning of the year. In some places in Santa Barbara, we are seeing prices now 10-12% higher than they were in January – April 2012.
- Carpinteria 3rd Quarter 2012 Market Update
- Yearly Sales Price Comparison Montecito 2012
- Goleta 3rd Quarter Real Estate Market Comparison
- Why are Short Sales Selling Now with Relative Ease?
- Santa Barbara Tops in Hot Real Estate Market
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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