February 2014 Real Estate Market Statistics for South Santa Barbara County* reflected a continuation of recent trends in which lower inventory resulted in fewer closed and pending sales. The good news, the number of new listings — while lower year-over-year — is showing some slight upward momentum… increasing approximately 8 percent over January. Median list price is also higher for the month.

Median values of homes/estates (excluding condos) for South Santa Barbara County increased to $1,075,000 year-to-date, an increase of 19% year-over-year (Santa Barbara Assocation of Realtors, MLS). In Montecito, median values of homes/estates (excluding condos) remained relatively flat for the month at approximately $2MM (Santa Barbara Assocation of Realtors, MLS).

In South Santa Barbara County overall, the majority of the buying activity remains in the sub-$1MM price point; in Montecito, sub-$2MM price point.

Inventory continues to be an issue for all of South Santa Barbara County*, including Montecito, contributing to the decline in sales this past February. According to CORT, year-to-date sales in South Santa Barbara County* declined approximately 20% from 2013. In Montecito, year-to-date sales have declined 33% from 2013.

The chart below reflects historic sales trends in South Santa Barbara county according to CORT. More market data is available here courtesy of Chicago Title Santa Barbara, including sales recaps for Santa Barbara, Montecito, Goleta, Carpinteria, and Summerland.

We are encouraged by the recent increase in new listings and our own experience with clients. If you are considering whether or not to list your home for sale, please give us a call or shoot us an email as now could be a very good time !

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