3rd Quarter 2007
The statistics for the first six months of 2007 are consistent with those of the first quarter: the highest priced segments of the market are continuing to perform well; the lowest segments of the market still have not reached their bottom.
For the South Coast as a whole, the news is positive on all fronts. The number of sales (922), average sales price ($1,952,330), median sales price ($1,094,750), and the number of sales over $1 million (498) all improved over 2006.
The strongest areas have been Santa Barbara, Carpinteria, Montecito, and Hope Ranch, with Montecito posting the most impressive gains. For Montecito, the number of sales (150) increased 17%, the median price ($2,700,000) climbed 14% and the average sales price soared 17% to $3,935,169! Santa Barbara, Carpinteria, and Hope Ranch each had gains in number of sales and average prices, but posted declines for median prices.
The lowest end of the market continues to suffer. In Goleta and Isla Vista, there were declines in all categories: number of sales, average sales price, and median sales price. Although interest rates are remaining relatively stable, foreclosures are increasing, which will continue to have a negative effect on the entry-level housing market.
My fall newsletter in mid-October will recap our summer market statistics