First Quarter, 2005
2004 was a fantastic year for local real estate in all areas along the South
Coast. Despite a slight rise in interest rates, the number of sales increased by 6%
over 2003 (2508 compared to 2370). In addition, the median price increased 24%
to $885,000 and the average price rose a tremendous 29% to $1,318,349.
2004 was a particularly strong year for estate properties. The number of
million dollar properties that sold during 2004 jumped 44% to a record 950.
There were 48 residential sales above $5 million, compared to 10 in 2003 (an
increase of 380%!!!).
2005 is off to a very strong start. There is tremendous demand but very little new inventory of properties for sale. As a result, the number of sales may decline, but I expect prices to increase this year as well.
Montecito outperformed the overall South Coast statistics in all categories: number of sales increased 7% to 305; median price climbed 28% to $2,075,000; and the average price soared 31% to $2,725,971. I expect 2005 to be another strong year for Montecito properties.
P.S. $118 million in sales for 2004 placed me #1 in Santa Barbara County. If you are considering selling and would like the service of a dedicated, hardworking and effective real estate agent, please call me at (805) 565- 4896. All calls will be confidential.