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Daniel Encell's
Quarterly Real Estate Update
~ Archives ~

Second Quarter, 2007

2007 is off to an interesting start. Along the South Coast for the first quarter, median prices are down 5% ($1,000,000), the total number of sales is down 3% (418), and the number of sales over $1 million is down 9% (212). Despite those statistics, the average price is up 5% to $2,039,312! What this means is that some large sales in Montecito and on Padaro Lane are raising the average for the entire Santa Barbara area.

The estate market continues to experience a strong Sellers market. Summerland, Carpinteria and Montecito all saw a rise in number of sales, average sales price and median sales price. Montecito continues to be very strong. The number of sales is up 8% (70), the median price rose 9% to $2,600,000, and the average selling price climbed 30% to an incredible $4,580,112!

In contrast, other local areas are still feeling a slowdown. Isla Vista, Goleta and Santa Barbara all saw a decline in number of sales, average sales price, and median sales price. Hope Ranch was mixed, with a significant increase in the number of sales, but declines in both average and median prices. While overall 1st quarter statistics are mixed, I anticipate that the 2nd quarter will show an active and improving market for almost all areas and price ranges along the South Coast.

 

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