Although our local market has plenty of positive indicators to be encouraged by, on a national level, the market is still struggling. Despite the availability of low mortgage interest rates, and federal tax incentives to homebuyers, the national market is failing to maintain momentum. Sales of existing homes have fallen for three straight months, and after a five-month run up, prices have fallen for four straight months.
However, in California, total sales were up 8% in February and median home prices rose 11%. Along the South Coast, median and average prices posted modest declines of 4% & 2% to $685,000 and $981,929 respectively during the first quarter of 2010. The great news for our area is the dramatic increase in the number of sales - up 37%! Excess inventory is being absorbed as inventory levels declined 10%. Overall sales volume is up 33% to $255,265,597 for the first quarter. Even more encouraging, pending home sales are up 29%, leading us strongly into the 2nd quarter.
Montecito is also experiencing many positive indicators. Although median prices declined to just under $2 million, average prices rose 9% to $2,897,812. The number of sales increased to 23% while inventory levels shrank 7%. Pending home sales are up 42%, and overall sales volume increased 35% to $75,343,125 during the first quarter.
P.S. Despite difficult market conditions, I had 29 pending and closed sales for 2009, totaling over $106 million. If you would like to sell your property, call me at 565-4896 to discuss the personalized marketing and advertising I can provide to get your property sold! All calls will be confidential.