November-to-date figures show impressive increases in median home values! However, Santa Barbara and Montecito – like much of the country – experienced a slow down in the number of home sales for the month of November. Lower overall inventory, a continued trend from past months, and some seasonal lightening in new listings and demand contributed to the decline in our region. In both Santa Barbara and Montecito, significantly fewer homes were sold this November than in the prior year continuing a downward monthly trend that began in September.

Of those properties sold, a majority were in the low to moderate price points where we’re seeing the greatest demand. Thus, median home prices for November dipped in both Santa Barbara (City) and Montecito from October levels. For the year, however, median home price rose year-over-year in Santa Barbara (City) to $797,500, or increased 24%, as of the end of November. The median home price in Montecito declined, however, to $1,915,000, or declined 7% year-over-year, as of the end of November. (Source: CORT). Detailed market data is available here courtesy of Chicago Title Santa Barbara, including sales recaps for Santa Barbara, Montecito, Goleta, Carpinteria, and Summerland.

Looking at year-to-date trends (more meaningful than short-term monthly spikes and dips), median home values have risen approximately 19% in South Santa Barbara County* compared to the same prior year period. Certain neighborhoods have increased more dramatically than others, including the Mesa. For a detailed report on your neighborhood, send us an email or give us a call Maurie@MontecitoLand.com | Scott@MontecitoLand.com, 805.403.4313 | 805.403.8816.

MEDIAN SALES PRICE FOR SOUTH SANTA BARBARA COUNTY*

Median sales price for all of South Santa Barbara
County* Reflects a 19% 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