2013… what a year it was in real estate! In fact, 2013 was truly a tale of two markets. We saw both a frenzy of buying, spurred in part by pent-up demand and a surge in buying from investors, followed by a sudden tapering of demand and a much more moderate tempo in buying patterns.

Overall, prices improved throughout Santa Barbara, due in part to lower overall inventory… an issue that persisted throughout the year and continues to affect the current market.

According to CORT, 1,924 homes and condos sold in South Santa Barbara County this year (which includes Goleta to Carpinteria), 194 fewer than the prior year, or a 9% decline. Overall dollar volume was more than $2.2B. More market data from CORT is available here courtesy of Chicago Title Santa Barbara, including sales recaps for Santa Barbara, Montecito, Goleta, Carpinteria, and Summerland.

According to statistics generated by the Santa Barbara Association of Realtors (SBAOR), which breaks out data for single family homes and PUDS vs. condos, median home values (homes/PUDs) increased 19% for the year, or rose to $945,000 (all of Santa Barbara area*)… virtually unchanged from our November report. Median home values (homes/PUDs) for the month of December were $986,000, falling slightly from November figures.

In Montecito, median home values (homes/PUDs) rose to $2.4M for the year, an increase of 23% year-over-year. For the month of December, median home values (homes/PUDs) were $1.9M.

According to the SBAOR, median home values for condos (all of Santa Barbara area*) rose 27% for the year, to $507,500, and were $473,200 in December. In Montecito, median home values for condos rose 6% for the year to $1,170,000. Only one condo sale took place in December in Montecito ($1.5M).

MEDIAN SALES PRICE FOR SOUTH
SANTA BARBARA COUNTY*
Median sales price for all of South Santa Barbara
County* ($945,000) Reflects a 19% increase Year-over-year.
Montecito Median Sales Price for the year was $2.4M, a 23% increase year-over-year.

*includes Santa Barbara (City and Unincorporated), Montecito, Hope Ranch, Goleta North and South, Carpinteria and Summerland SOURCE: SB Assoc of Realtors MLS

Certain neighborhoods have increased in value more dramatically than others for the year. For a detailed report on your neighborhood or for a market valuation of your home, send us an email or give us a call. Maurie McGuire / Scott Westlotorn:
Maurie@MontecitoLand.com | Scott@MontecitoLand.com
805.403.4313 | 805.403.8816

The greatest demand for homes remains at the $1MM and below price range… where we’re also seeing the lowest inventory. If you are considering whether or not to list your home for sale, we encourage you to give us a call or shoot us an email as now could be a very good time to buy or sell a home (see our earlier blog post)!