Third Quarter, 1996
More good news for local real estate! An analysis of activity for the first 3 quarters of 1996 shows a strong real estate market for the Santa barbara area. For all areas (Santa Barbara, Montecito, Goleta and Carpinteria), the number of sales for 1996 is up 24% compared to 1995 (for the first 3 quarters). In sharp contrast, the number of residential listings for all areas are down 8% compared to 1995.
The strongest segment of the market has been Montecito. The number of sales in 1996 has been up compared with 1995 every single month since February. That trend should continue through the end of 1996. Overall sales in Montecito are up 60%!
It is interesting to note that median sales prices for all areas are down about 2% for 1996. Does this mean that prices are going down despite the increased number of sales and decreased inventory? The answer is no. All it means is there has been an extremely high number of sales of lower priced homes (primarily in Goleta, where sales are up 30%). I feel that prices are increasing in Montecito.