4th Quarter 2014
For most parts of the South Coast, the real estate market for the third quarter of 2014 can be easily summarized: Fewer sales at higher prices, compared to the same period in 2013. For Montecito and Hope Ranch, however, there were more sales and much higher prices.
Despite a decline of 7% in New Listings, Total Active Listings climbed 3% to 1353 properties, as fewer properties sold. The Number Sold dropped 11% to 489, and Pending Sales declined 3% to 476.
Overall Sold Volume jumped 19% to $711,202,378, based in large part on the strength of the Montecito market. The 80 Montecito sales accounted for only 16% of the Number Sold, but 39% of the Overall Sold Volume.
The biggest news is the skyrocketing of both Average Sale Price and Median Sale Price. Average Sale Price rose a tremendous 33% to $1,503,599, and Median Sale Price climbed 20% to $975,000!
The Montecito market was the strongest component of the South Coast market last quarter. New Listings increased 5% to 102, while Total Active Listings declined 1% to 252 - Montecito and Carpinteria were the only segments of the market where Active Listings declined. Pending Sales rose 19% to 67, and the Number Sold increased 7% to 76.
Sold Volume exploded 49% to $276,648,162. Median Sale Price jumped 44% to $2,750,000, and Average Sale Price climbed 39% to $3,640,107. Certainly a nice rebound after the punishing years between 2008-2011.
There were six Closed Sales last quarter in Birnam Wood: 490 Eastgate Lane at $2,810,000; 564 Crocker Sperry Drive at $2,934,000; 1930 Lemon Ranch Road at $3,150,000; 529 Las Fuentes Drive at $4,300,000; 2085 Stratford Place at $4,454,000; and 514 Las Fuentes Drive at $6,200,000.
There are no Pending Sales in Birnam Wood, and only one Active Listing: 1992 Inverness Lane at $3,650,000.
Director, Estates Division
Berkshire Hathaway HomeServices