Santa Barbara Real Estate Statistical Update – Feb 27, 2015. The Santa Barbara real estate market is in high demand! Particularly in the Santa Barbara luxury real estate segment. This is quite a shift from the recent past where the bulk of demand was at the low end of the Santa Barbara real estate segment.
The Santa Barbara median sales price currently stands at $875,000. That is up 2.1% from this time last year when the Santa Barbara median home sales price was $857,000. There are 7.4% fewer Santa Barbara homes sold compared to this time last year. This is predominantly due to the lack of newly listed homes for sale. While the statistics show that there is 21.3% more new listings than this time last year, the reality is there is very little newly listed inventory. As is typical this time of year, many homes listed prior to the holidays are taken off the market and put back on as “new listings.” For anxious Santa Barbara home buyers eager to jump on the next great new listing, these are not new.
The Santa Barbara luxury real estate market is red hot! The Santa Barbara luxury real estate median home price is $7,800,000. That is up 7.6% from this time last year when the Santa Barbara luxury real estate median home price was $7,250,000.
The number of Santa Barbara luxury homes sold is up an incredible 325%. The statistics show the number of newly listed luxury homes in Santa Barbara is up 66.7% but there is alot of “re-listing” in this number.
The Montecito real estate market is strongly buoyed by the luxury real estate segment. The Montecito median sales price currently stands at $5,630,000. That is up an unbelievable 128.4% over this time last year when the Montecito median sales price was $2,465,000.
The number of Montecito homes sold is flat year of year. The number of Montecito homes listed for sale is up 28.6% – again this is skewed by relistings.
The Montecito luxury real estate median sales price is $8,400,000. That is down 34.1% from this time last year when the Montecito luxury real estate median sales price was $12,750,000.
The number of Montecito luxury homes sold is up 400%!! The number of Montecito luxury homes listed for sale is up 216.7%. This number is largely skewed by relistings.
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To discuss your real estate needs, call Wendy Gragg at 805.453.3371 or email WGragg@DistinctiveRealEstateOnline.com