Home prices are on a sustained uptrend in all four major regions of the country, as the national Median Price is up almost 8% compared to a year ago. The strongest region is the west, where the Median Price is up over 13% as the upper end of the market is finally showing strong signs of recovery. Although interest rates are at historic levels, low inventory levels and tight credit are limiting sales.
Along the South Coast, inventory levels dropped 7% during the first 6 months of 2012 as demand finally began to exceed supply. The number of sales, 899, skyrocketed 40% as Buyers took advantage of great selection, bargain prices, and historically low interest rates. Total sales volume is up 46% to over a billion dollars. Although the Median Price declined to $665,997, Average Price rose 4% to $1,142,237.
No longer do Buyers have the luxury of enjoying declining prices and increasing inventories. In many price ranges, market conditions have rapidly shifted from a strong “Buyers Market”, to a more balanced market. There is a shortage of quality inventory in many price ranges, and properties are frequently selling with multiple offers.
Montecito has been red hot in 2012! Inventory levels remain unchanged at 456 Active Listings, but the Number of Sales jumped 55% to 137. Even more impressive, Total Sales Volume increased 87% to $448,457,515. While Median Price dropped 23% to $1,800,000, Average Sales Price climbed 20% to $3,273,412. There have been 14 Closed Sales above $5 million so far in 2012 (seven of those were above $10 million). Activity looks strong going into the 3rd quarter, with Pending Sales up 44%.
The first half of 2012 was very active in Birnam Wood. There are currently eight active listings, offered between $2,850,000 and $5,695,000, and two pending sales. There were seven closed sales, reported through the MLS: 2141 Ten Acre Rd- $1,525,000; 470 Eastgate Ln- $1,840,000; 518 Las Fuentes- $2,536,800; 2069 Boundary Dr- $2,650,000; 516 Crocker Sperry Dr- $3,392,000; 1984 Inverness Ln- $3,800,000; 2072 China Flat Rd- $5,000,000.
P.S. Now, more than ever, you need the best representation possible to get your property sold. I have been selling Montecito properties full-time for over 23 years, and have sold more properties than any other agent. If you are thinking of selling, remember, creative marketing, extensive advertising and hard work continue to get results in any market. If you need real estate assistance outside our area, I can help you find an experienced agent!
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