U.S. home prices rose over 12% during the 3rd quarter of 2013 - that is the largest quarterly increase since early 2006. This price gain was driven by a limited supply of homes for sale combined with an increase in sales, as Buyers took advantage of historically low interest rates. Although all major metro areas throughout the country saw prices rise compared to the same period in 2012, the rate of increase in home prices should begin to slow, as higher interest rates reduce Buyer's spending power, and new construction eases supply constraints.
Santa Barbara- South Coast
After about a year and a half of a red-hot Seller's Market along the South Coast, we seem to have settled into a more neutral plateau. Average Sale Price remained almost unchanged at $1,155,501. The Number Sold was also similar to last year at 531 sales. Total Sold Volume declined slightly to $613,571,061. Median Sales Price soared 19%, as the market under $1 million remained very active.
After a robust start to 2013, Montecito experienced a typically quiet summer. As inventory levels declined, so did sales. Total Active Listings fell 23% to 260. The Number Sold dropped 9% to 69. Average Sales Price notched down 4% to $2,634,556, while Median Sale Price climbed 11% to $1,902,500.
There are currently six Active Listings in Birnam Woof Golf Club, ranging from $2,495,000 to $19,500,000. There are two Pending Sales - both are listed under $2,800,000. There was one sale - 2117 Forge Road sold for $2,575,000. There are many Buyers looking in Birnam Wood, but the small supply of homes for sale is limiting sales activity.
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