Hi All-
Summer is right around the corner, and I am looking forward to it. One of my favorite things about living in Santa Barbara is taking a bike ride down to the beach and enjoying how fragrant the town is along the way. The smells are wonderful, and the orange blossoms are amazing. It’s a wonderful place to be and the beauty of being a Realtor here is that people are drawn to SB for no other reason than a “desire” to live here. We’re not fueled by employment, affordability, or growth. People live here because they want the lifestyle. Our housing market has a minimum growth rate which causes our inventory to be more valuable. Of course, our local economy is effected by our nation’s troubles, but is still stronger than most.
Here are final 1st quarter figures according to Gary Woods who calculates monthly statistics from our local SB MLS.
Santa Barbara South Coast County including Montecito, Hope Ranch, SB, Goleta, Carpinteria, & Summerland.
January-March, 2010 Multiple Listing Service Sales of Homes & Planned Unit Development Summary
There were a total of 174 Properties sold in 1st Quarter 2010 vs. 144 sold in 2009, up +20.8% in 2010.
Our Median Sales Price went down only -1.4% from $822,500 in 2009 to $811,250 in 2010. The Average Sold Price though went up from $1,185,336 in 2009 to $1,264,729 = Up +6.7% for this Year. Of course, if you take out Montecito and Hope Ranch, the Average Sold Price is down a bit, from $913,449 in 2009 to $905,240 for 1st quarter this year = -0.9%. Remember, the Average Sales Prices are different from the median sales prices because they are an average vs. the median sales prices which is found by taking the highest price and then the lowest price and finding the median – the middle number.
Very Good News: # of Total Active Listings is Down (making inventory more valuable) 1,081 Active Listings in 2009 vs. 1,014 in 2010 = -6.2%. The # of Pending Listings is UP +21.9%. There were 178 in escrow in 2009, and now at the end of March we had 217 properties in escrow this Year.
By area the Total # of Sales was as follows: Carp/Summerland 6 total sales in ’09 went up to 19 sales this year, up +216%. Montecito was flat with 24 sales for 1st quarter both ’09 and this year. East of State Street was up from 33 in ’09 to 47 total sales, up+42%. West of State also up +14% going from 34 sales in ’09 to 39 sales this year. Hope Ranch went from 2 sales in ’09 to 5 sales 1st Q this year, Up + 150%. Goleta North flat with 33 sales and Goleta South down slightly; 18 sales in ’09 to 16 sales this year.
Area Average Sales Prices are: Carp/Summerland $1,016,700, down – 42% but it’s more “normal” this year, last year it was extremely skewed by high-end beach properties that sold. Montecito is Up +34% to an average sales price of $3,613,255. East of State Street is $1,075,595, Up +3%. West of State down -5% to $863,777. Hope Ranch was up +51% to $3,592,850. Goleta South -5% to $742,520. Goleta North down -7% to $731,565.
There are already 6 Properties that sold for over $5 million in 1st Q 2010. Three were over $10 million. Bigger News: 5 more closed already in April ALL Over $7 million!
As I said last time, there is a lot of momentum and strength in our current Real Estate market. Sales continue to grow and the number of properties entering into escrow rises while the number of available properties for sale still remains lower than last year.
Feel free to contact me with any questions or concerns you may have. I know how to get you the Highest & Best Price in the shortest amount of time when selling your property and the most affordable price and terms when buying. I can also help you get your property “ready for sale.”
I also want you to know how much it means to me when you continually refer me to your friends and family. I am sincerely thankful and have met a lot of great people. Your referrals are Greatly appreciated!
Best regards,
SANDY