The MLS statistics for the first three quarters of 2010 show a marked improvement along the South Coast compared to the same time last year: the number of sales increased 12% to 996; median and average prices each rose 5% to $735,000 and $1,133,830 respectively; inventory levels remained virtually unchanged at 2,927 properties offered for sale; and, total sales volume is up 18% to $1,129,290,354.
In Montecito, the figures are mixed: the number of sales increased 15% to 117; average prices remain virtually unchanged at $3,425,610; median prices declined 10% to $2,150,000; inventory levels remain level at 546 properties for sale; and, overall sales volume increased 13% to $395,656,342. Montecito's 117 sales make up only 12% of the number of sales along the South Coast, but over 35% of the total sales volume.
Federal tax credits, aimed at increasing demand for housing, expired during the second quarter of 2010. As expected, nationwide demand for housing declined during the third quarter following the elimination of the government sponsored stimulus. This was true in our area too, as the number of third quarter sales declined 9% and overall sales volume dropped 7% along the South Coast.
Interest rates are still at historical lows, with 30 year financing available in the low 4%'s and 15 year money in the mid 3%'s. The stock market is bouncing around between 10,000-11,000. Gold continues to set new record highs, and is currently above $1,200/oz. Elections are right around the corner, with concerns about unemployment and the overall economy at the forefront.
Until my next update in January, best wishes to all for a safe and wonderful holiday season.
P.S. I am offering cutting-edge online display advertising for my clients who want to effectively expose their property to prospective Buyers locally, and around the world. Call me at (805) 565-4896 to discuss what I can do for you to help you get your property sold. All calls are confidential.