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