Santa Barbara properties for sale and Montecito properties for sale for 2008 year to date appear below. The statistical totals are for Santa Barbara and Montecito YTD, just under 6 months for 2008, over the same period in 2007, for single family homes from $1.5 million. The Median price columns included are global stats for the area so do not filter out lower priced homes which were the softest market segment here as well as nationally. Even with that, the Median is off a negligible -2 percent for the year in the city of SB, and up an amazing 27% for the Montecito real estate market. While Montecito properties for sale offer less home for the money, the Montecito properties sement most definitely has a stabilizing and buoying effect on all of Santa Barbara homes for sale in the upper end market.
The "West of State" Street segment, includes all properties sold West of State Street, including half of downtown, the West side, the Mesa, Braemar, Hidden Valley, and areas immediateyl surrounding those.
East of State Street is the other half of Santa Barbara including the Riviera, but also the East Side, which is the geographic area of Santa Barbara properties for sale that has seen the most softening. Average price is down -8% YTD East of State.
West of State Street average price is up 10% for 2008. The Montecito average price is up 18% for the year.
Again, Median stats include all prices. Median and average prices are both up 15% YTD for all Santa Barbara.
We think what is most intriguing is that average and median prices are generally doing quite well on a somewhat lower overall sales volume. That lower sales volume indicates to us that there is not any panic selling here. It also suggests that when sales volumes increase again, the effect on median and average home prices should be stimulating. One effect on sales volume this year was the Sub-Prime mortgage market scare. 1st quarter sale totals were effected everywhere as a result. With the bulk of that now behind us, volume is steadily increasing.
Statistics provided by Santa Barbara MLS
In summary we see the Santa Barbara real estate market stabilized from a minimal softening and showing improving appreciation moving forward. Our anecdotal evidence is our experience thus far this year over last, regarding sales and listings. in the past 2 months we have been involved in multiple offer situations for a $2 million home and a $2.2 million home. Additionally, 2 lower end condos we have in the $600,000 range, (yes that is lower end in Santa Barbara) which saw almost no activity in the fall, have both received highly increased activity of late, and both have had solid offers submitted on them. It just "feels" to us that we are through the low point of this market, with increased buyer activity, Those buyers definitely want value, and when they find it, they are acting on it, as oppposed to the fence sitting we saw last fall.
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