Santa Barbara Real Estate – 3rd Quarter 2014 Report. The Santa Barbara and Montecito real estate headline for 2014 is the Santa Barbara and Montecito Median Home Sales Prices Are Up Double Digits. The Santa Barbara median home sales price currently stands at $890,000. That is up 14.8% over this time last year when the median homes sales price was $775,000. The Montecito median home sales price is currently $2,700,000. That is up 12.5% over last year at this time when the median sales price was $2,400,000.
The second major headline for Santa Barbara real estate is the number of newly listed properties for sale in Santa Barbara is at its lowest level in 20 years!!
The number of newly listed properties for sale in Santa Barbara year to date stands at 1,819. On average, Santa Barbara has 2,689 new listings per year. New listings in 2014 are 32.4% lower than the 20 year average and this may be a trend. 2013 comes in a strong second place in lowest level of inventory in Santa Barbara at 2,297. 2013 new listings were 14.6% lower than the 20 year average.
The sell through rate of newly listed to sold properties in Santa Barbara stands at 66% year to date. In 2013, the sell through rate was 80.8%. The 2012 sell through rate was 79.4%. These are among the highest sell through rates in Santa Barbara in 20 years.
The luxury segment of the Santa Barbara real estate market ($5 million +) has a single digit median sales price gain at 5.4%. The median sales price in the Santa Barbara luxury real estate market currently stands at $7,375,000. The median sales price at this time last year was $6,995,000. There are more luxury homes for sale Santa Barbara. This creates a good buying opportunity in the Santa Barbara luxury real estate market. The luxury home buyer in Santa Barbara has more selection, and has a negotiation advantage as the luxury home sellers have more competition.
The number of newly listed luxury properties in Santa Barbara and Montecito year to date currently stands at 102. Last year at this time, there were 87 newly listed luxury properties. That is a 17.2% increase in new listings in Santa Barbara and Montecito year over year.
The sell through rate of newly listed to sold properties in Santa Barbara luxury real estate currently stands at 40.6%. That is among the highest sell through rates in 20 years!
There has been much more sales activity in the Santa Barbara luxury real estate market recently. The beginning of the year was very slow. Activity began picking up in April, and has continued to be strong since then. The plentiful supply of Santa Barbara luxury real estate offerings are attracting buyers. Year to date, the luxury real estate market sales activity is up 44.8% over this time last year.
Click SANTA BARBARA LUXURY REAL ESTATE to browse luxury homes in Santa Barbara and Montecito matching your specific needs. You can also click DREAM HOME FINDER to recevie automatic emails of new listings and recent price reductions matching your needs. For personalized attention, contact Wendy Gragg at 805.453.3371 or email WGragg@DistinctiveRealEstateOnline.com