January 2014 Real Estate Market Statistics reflected a continuation of recent trends… the good news / bad news of rising values met with fewer sales and shrinking inventory.

In South Santa Barbara County,* the median home value rose 6% from December and rose 32%year-over-year to $914,000. In Montecito, the median home value of $2.2MM was essentially flat from the 2013 average but down 12% from the prior January.

Inventory continues to be an issue for all of South Santa Barbara County*, including Montecito, contributing to a sharp decline in the number of sales this January. The number of sales in South Santa Barbara County* declined 22% from December and 18% from the prior January. In Montecito, the number of sales declined 12% from December and declined 21% year-over-year.

It is our hope that inventory will improve as values continue to rise and the number of homewoners with positive homeowner equity also rises. According to the California Association of Realtors, the inventory of bank-owned properties and short sales have diminished marketedly over the past several years and the number of “equity sales” has risen.

We reiterate, 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 !

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.

* South Santa Barbara County includes: Santa Barbara (City and Unincorporated), Montecito, Goleta, Carpinteria, and Summerland