Santa Barbara Real Estate Statistical Update – Nov 17, 2014. The Santa Barbara real estate market continues to deliver double digit gains in median sales price. This trend has been in place for an extended period. The Santa Barbara median sales price currently stands at $875,000. That is up 11.5% over this time last year when the Santa Barbara median sales price was $785,000.
The Santa Barbara real estate market has experienced a low supply of homes for sale. This has also been in place for an extended period. The number of Santa Barbara homes listed for sale is off 4.9% over this time last year. As a result of very low supply, the number of Santa Barbara homes sold is off 16.6% over last year.
The Santa Barbara luxury real estate market statistics are quite different. There is ample supply, and Santa Barbara luxury real estate buyers are taking action. The Santa Barbara luxury real estate market median sales price is currently $7,250,000. That is up a scant 3.6% from last year when the Santa Barbara luxury real estate market median sales price was $6,995,000. The Santa Barbara luxury real estate market is defined as homes priced $5,000,000 and above.
The number of Santa Barbara luxury homes listed for sale is up 17.7% over this time last year. As a result of the ample supply of luxury homes, the number of Santa Barbara luxury homes sold is up 28.6%
MONTECITO REAL ESTATE
The Montecito real estate market has also had a double digit gains in median sales price over an extended period of time. The Montecito median sales price is currently $2,750,000. That is up 14.6% over this time last year when the Montecito median sales price was $2,400,000.
The Montecito real estate market, like the Santa Barbara real estate market has had a low supply of inventory over an extended period of time. The number of Montecito homes listed for sale is off 6.3% over last year. As a result, the number of Montecito homes sold is off 12.8%.
The Montecito luxury real estate market tells a different story. Not only as it relates to the Montecito real estate market in general, but also as it relates to the Santa Barbara luxury real estate market. The Montecito luxury real estate market median sales price is currently $6,850,000. That is down 17.0% over this time last year when the Montecito luxury real estate market median sales price was $8,250,000.
The number of Montecito luxury homes listed for sale is up 25.5% over last year. The number of Montecito luxury homes sold is up 5.0%. Typically, the Montecito luxury real estate market drives the Santa Barbara luxury real estate market. This statistical data is rare.
There is ample opportunity is the Santa Barbara and Montecito luxury real estate market. Click SANTA BARBARA AND MONTECITO LUXURY REAL ESTATE to view photos and details on luxury homes in Santa Barbara and Montecito.
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